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<p style="text-align: justify">The trial of Sam Bankman-Fried, the founder and former CEO of FTX, who shook the cryptocurrency <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> with its bankruptcy and caused a major collapse in <a href="https://en.coin-turk.com/new-bitcoin-etf-application-bitcoin-covered-call-etf/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/debunking-myths-the-misunderstood-immutable-nature-of-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) and altcoins, has been concluded. The jury found the former CEO of FTX guilty of all charges, including fraud and money laundering.</p>
<h2 style="text-align: justify" id="strong-guilty-of-7-crimes-strong"><strong>Guilty of 7 Crimes</strong></h2>
<p style="text-align: justify">After a month-long trial at the Manhattan Federal Court, where it was alleged that FTX customers lost over 8 billion dollars and Bankman-Fried defrauded FTX investors by covering it up, the jury delivered its verdict. Sam Bankman-Fried, the founder and former CEO of FTX, which was the second-largest cryptocurrency exchange until its bankruptcy, has been found guilty of fraud and money laundering charges.</p>
<p><img decoding="async" class="aligncenter size-full wp-image-273003" src="https://coin-turk.com/wp-content/uploads/2023/11/FTX-Sam-Bankman-Fried.jpeg" alt="" width="1280" height="720"></p>
<p style="text-align: justify">After more than four hours of deliberation, the jury found the former CEO guilty of seven crimes, including electronic fraud, securities fraud, and money laundering. The exact sentence for Bankman-Fried will be determined at a later date by Judge Lewis Kaplan, who presided over the case. Experts believe that Bankman-Fried is certain to receive a prison sentence.</p>
<h2 style="text-align: justify" id="strong-bankruptcy-that-shook-the-cryptocurrency-market-strong"><strong>Bankruptcy that Shook the Cryptocurrency Market</strong></h2>
<p style="text-align: justify">FTX, a cryptocurrency exchange, filed for bankruptcy in November 2022, and the CEO of the company, Sam Bankman-Fried, also announced his resignation. Following this announcement, the cryptocurrency market suffered a heavy blow, with the price of the largest cryptocurrency, Bitcoin, dropping to $15,800. The price of Ethereum, the king of altcoins, also fell to $1,100, while many altcoins connected to FTX, such as Solana (SOL), experienced significant drops.</p>
<p style="text-align: justify">Bankman-Fried was arrested in the Bahamas in December following the US indictment and the extradition process began. He was released on bail of $250 million until the trial, which was delivered to the US on December 21, 2022.</p>
<p style="text-align: justify">Bankman-Fried denied the fraud charges against him, claiming that although he made mistakes, he never intended to steal money. In August, his bail was revoked and he was sent to a prison in Brooklyn on charges of attempting to influence witnesses.</p> Continue Reading: <a href="https://en.coin-turk.com/ftx-founder-found-guilty-of-fraud-and-money-laundering-charges/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/ftx-founder-found-guilty-of-fraud-and-money-laundering-charges/</a>

FTX Founder Found Guilty of Fraud and Money Laundering Charges

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