The “king of cryptocurrencies” heard the verdict. “He lied, cheated and stole”

The "king of cryptocurrencies" heard the verdict.  "He lied, cheated and stole"

Bankman-Fried himself heard the verdict in the case of numerous frauds related to the FTX exchange. The jury made a decision quickly, and the “king of cryptocurrencies” faces long years in prison.

Over the last month, we have been watching the court battle of Sam Bankman-Fried – recently a billionaire and recognized creator of FTX, one of the largest cryptocurrency exchanges in the world. Now the bankrupt businessman and one of the leaders of the digital currency market has heard the verdict in a groundbreaking case.

Bankman-Fried himself is guilty – he faces many years in prison

Bankman-Fried was found guilty of all charges. The jury returned a unanimous verdict in the case after just five hours of deliberations.

– Sam Bankman-Fried committed one of the largest financial frauds in American history – a multi-billion dollar conspiracy that was to make him the king of cryptocurrencies. This case has always been about his lies, cheating and theft. We will not tolerate this, emphasized federal prosecutor Damian Williams in a speech after the decision was announced.

In total, the former head of FTX was accused of seven cases of fraud and money laundering. The idea was to lie to investors and lenders, steal billions of money from the FTX exchange and lead to its collapse. Sam Bankman-Fried’s five offenses carry up to 20 years in prison. The remaining two charges require a minimum prison term of 5 years. Theoretically, the “king of cryptocurrencies” could be sentenced to up to 110 years in prison.

Although such a verdict by the judge is unlikely to happen, the convicted person will face at least several decades in prison. However, we will only hear the precise number on March 28, 2024.

The cryptocurrency king pleads not guilty. Will he appeal?

Let us recall that Sam Bankman-Fried pleaded not guilty. The 31-year-old maintains that although he made mistakes, he always acted in good faith. Defense attorneys argued that poor judgment in a company’s business situation did not amount to a crime.

– We respect the jury’s decision, but we are disappointed with the verdict. Bankman-Fried emphasizes that he is innocent and will continue to fight the charges against him, said Mark Cohen, the defendant’s lawyer. However, the former billionaire’s official spokesman did not confirm journalists’ questions whether SBF planned to appeal against the decision.

We still do not know the fate of three of Sam Bankman-Fried’s friends and colleagues, including the billionaire’s ex-girlfriend – Caroline Ellison. They all pleaded guilty and cooperated with the police and prosecutors, testifying against the man. Observers expect reduced sentences to be announced at a later date.

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