Cryptocurrency Tycoon Convicted

Payam Javan: In a major legal development, cryptocurrency mogul Sam Bankman-Fried, founder of FTX, has been convicted on all seven counts of fraud and conspiracy by a New York jury.

The 31-year-old faces sentencing on March 28, 2024, with potential decades in prison. Bankman-Fried’s defense plans to appeal the verdict, citing objections to decisions made by U.S. District Judge Lewis Kaplan.

The trial exposed allegations that Bankman-Fried misused customer funds for personal gains and political influence. Former colleagues testified against him, claiming he directed or was aware of the financial misconduct.

The defense argued that Bankman-Fried was not knowingly involved and blamed his subordinates.

The collapse of FTX and Alameda Research in 2022 resulted in approximately $9 billion of missing funds. Notably, the trial did not delve into the more than $100 million FTX money donated to politicians, including significant contributions to President Joe Biden’s campaign and key senators overseeing cryptocurrency regulations.

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