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<ul class="list-ic vertical">
 <li>1 <a>One of the most talked-about cases in the crypto sector is to find out if Sam Bankman-Fried of FTX collapse, sees a potential end.&nbsp;</a></li>
 <li>2 <a>The jury looking over the SBF’s trials found him “guilty” of seven charges brought against him.&nbsp;</a></li>
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Sam Bankman-Fried took the biggest hit since the legal proceedings started against him. The co-founder and former CEO of Beleaguered crypto exchange firm FTX is convicted of fraud charges brought against him. The jury hearing the testimonies during the trial against Bankman-Fried found him “guilty.”
The New York court jury declared SBF guilty of fraud and money laundering like seven charges that were brought against him. The decision from the jury, consisting of nine females and three males, came on Thursday, November 2, 2023.&nbsp;
With the decision coming after a months-long legal tussle, one of the high-profile cases within the cryptocurrency space saw a major turning point. SBF was found guilty of wire fraud on FTX customers, conspiracy to commit securities fraud and money laundering, etc.&nbsp;
United States attorney, Damian Williams stated that the fraud Bankman-Fried carried out at FTX is American history’s “one of the biggest financial frauds.”
“It was a multibillion-dollar scheme designed to make him the king of crypto. But here’s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,” Williams added.
Financial Times reported that during the jury’s final judgment, Bankman-Fried stood motionless, facing the jury, and showed little emotion as the verdict was read out in the packed federal courtroom in Manhattan, while his parents Joe Bankman and Barbara Fried embraced each other in the gallery and lowered their heads, despondent.
Bankman-Fried’s lawyer, Mark Cohen, stated that they respect the decision of the jury but are “very disappointed with the result.” He added that his client “maintains his innocence” and he is going to continue his vigorous fight to tackle the charges brought against him.
<h2 class="wp-block-heading" id="strong-sam-bankman-fried-s-case-before-recent-decision-strong">Sam Bankman-Fried’s Case Before Recent Decision</h2>
In a series of events, the cryptocurrency exchange industry witnessed significant turmoil. Binance, a major crypto exchange, sold all its FTT tokens on November 6. Shortly after, FTX, another prominent exchange, declared a liquidity crisis and sought help from venture capitalists, including Binance. Binance initially agreed to take over FTX’s non-US business but later reversed the decision, citing discrepancies found during due diligence.
FTX faced further troubles as its subsidiary in the Bahamas had its assets frozen on November 10, leading to a cash crunch in the non-US business. The situation worsened as FTX reported a hacker’s theft of $477 Million of its assets on November 12, moving them to cold storage. On November 18, the Bahamas authorities seized FTX assets in the region.
Bankman-Fried, the founder of FTX, was arrested in the Bahamas and later extradited to the United States for trial. He was released on a historic $250 Million bond in December. During his trial, Bankman-Fried pleaded not guilty, blaming the crypto market downturn for FTX’s troubles while denying fraud.
Meanwhile, three former colleagues of Bankman-Fried pleaded guilty to fraud charges and agreed to cooperate with investigations. Bankman-Fried’s bail was revoked on August 11 due to tampering with witnesses, and he was held in Brooklyn’s Metropolitan Detention Center pending trial. The trial began on October 3, with <a href="https://www.thecoinrepublic.com/2023/10/27/sam-bankman-fried-in-witness-stand-for-first-time-in-his-trial/" target="_blank" rel="noopener noreferrer nofollow">Bankman-Fried</a> admitting that many were affected by FTX’s collapse but maintaining his innocence regarding fraud. However, a New York jury found him guilty on all seven charges of fraud and money laundering, rejecting his claims of innocence. This marked a significant development in the ongoing saga of crypto exchange troubles.

Sam Bankman-Fried Proven Guilty of Fraud and Money Laundering

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Thecoinrepublic.com

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