The decision of the jury shook the world of finance. The young creator of one of the largest cryptocurrency exchanges, Sam Bankman-Freid, faced seven charges in court, including fraud and money laundering. He faces a penalty of up to 115 years of imprisonment.
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The 31-year-old founder and CEO of the FTX exchange was found guilty. Sam Bankman-Fried heard accusations in the courtroom of cryptocurrency market manipulation, financial fraud related to running FTX, and illegal use of data. The court also did not remain indifferent to the issue of the alleged use of accumulated customer funds to illegally finance the Alameda Research fund. The value of the fraud is estimated to reach 10 billion dollars.
The process against Bankman-Fried has been ongoing since the beginning of October, and during the hearing, his close associates were called as witnesses. The co-founder and friend of FTX, Gary Wang, as well as the former girlfriend, Caroline Ellison, responsible for managing the Alameda Research fund, responded to the charges.
Damian Williams from the Southern District of New York, acting as a prosecutor in this case, left no illusions:
– Sam Bankman-Fried committed one of the biggest financial frauds in the history of the United States. Although the cryptocurrency industry is relatively new, people like Sam Bankman-Fried are not an exception, and this corruption has existed for a long time. This case is always about lies, fraud, and theft, which we do not tolerate – Williams argued.
During the hearing, Bankman-Fried emphasized that the downfall of FTX was solely due to a faulty business strategy. However, the US Attorney General, Merrick Garland, had a different opinion and did not leave the accused unscathed.
– Sam Bankman-Fried thought he was above the law. This verdict proves he was wrong – Garland stated.
The verdict convicting the creator of the FTX exchange casts a shadow over the cryptocurrency power. Investors operating in the currency market approach the topic cautiously, which can be seen, among others, by the decreasing number of investments in the Web3 industry.
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