In a historic verdict, Sam Bankman-Fried, the founder and former chief executive of FTX, was found guilty on all seven charges of defrauding customers and lenders after a five-week trial. The verdict, reached on the first anniversary of a groundbreaking CoinDesk exposé, marks a significant milestone in the world of cryptocurrency.
U.S. Attorney Damian Williams, speaking outside the courthouse, declared the case as one of the most substantial financial frauds in American history. “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history,” Williams stated emphatically. “This kind of fraud, this kind of corruption is as old as time. We have no patience for it.”
The sentencing date has been tentatively set for March 28, 2024, and Bankman-Fried could potentially face decades, if not up to 115 years, in prison. Despite the verdict, Bankman-Fried remains resolute in his claim of innocence. Defense attorney Mark Cohen affirmed that Bankman-Fried will vigorously fight the charges and is considering an appeal.
The jury’s unanimous decision was reached after hours of deliberation, with the final verdict announced just before 7:40 p.m. ET. Bankman-Fried, stoic throughout the proceedings, followed the judge’s instructions to face the jury box as the verdict was read. The jury, composed of 12 New Yorkers, voted unanimously on all seven counts, culminating in a historic moment in the courtroom.
This landmark trial has sent shockwaves through the cryptocurrency community, serving as a stark reminder of the legal and regulatory challenges that continue to surround the industry. As the crypto world closely watches the developments in this case, it remains to be seen what impact this verdict will have on the broader landscape of digital assets and financial technology.
Source: coindesk
