|Down goes Mr. Crypto.
Sam Bankman-Fried, the crypto industry’s most recognizable face (and head of hair), was found guilty of seven counts of fraud and conspiracy on Thursday night.
Charges against Bankman-Fried included wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering.
It took the jurors less than a day to reach a decision. Bankman-Fried, nicknamed SBF, now awaits sentencing, which is tentatively scheduled for March 28. He faces up to 110 years in prison for the charges.
The conviction came, perhaps fittingly, on the first anniversary of the CoinDesk scoop that sent FTX, the crypto exchange Bankman-Fried co-founded and led, into a tailspin. Reporting on a leaked balance sheet, CoinDesk detailed how SBF’s hedge fund, Alameda Research, had its assets tied up in FTX’s in-house token.
The rest is history.
The downfall was swift, with Bankman-Fried resigning as CEO and FTX collapsing just over a week after the initial report.
Insider’s Katie Balevic and Jacob Shamsian, who have done a fantastic job covering the entire trial, have a recap of the biggest bombshells from the case.
Bankman-Fried’s inner circle played a crucial role in the proceedings. SBF’s former executives’ testimonies proved vital to the prosecution’s case, ultimately sealing his fate, Katie writes.