The collapse of the FTX crypto-exchange is a poster child for the excesses of an industry out of control. Now its former head has been found guilty of all charges he faced.
The bigger they come, the harder they fall. In the US courtroom drama related to the former head and founder of crypto-exchange FTX Sam Bankman-Fried has now come up short, being found guilty of all charges laid against him. The jury was made up of nine women and three men and they didn't need long to arrive at a judgment Thursday for one of the largest financial scandals in recent memory.
It took them only four hours to find him guilty of all seven counts he had been charged with related to fraud and money laundering in a trial that lasted about a month and a half. Now he faces jail time of up to 110 years although it is expected that the now 31-year-old will appeal the decision. His punishment will be set out by the court on March 28.
Billions Stolen
Bankman-Fried has become a symbol of the excesses of the crypto industry and he has now been convicted of stealing up to $1o billion US dollars from clients and using the money to make political donations, and risky investments while financing extravagant purchases.
The speedy conviction reflects the preponderance of the evidence that the prosecutors used against him, including millions of pages of internal messages, charts, tables, and memos.
Swiss Escape
Following the FTX drama, investors withdrew a massive volume of money out of crypto-currencies and exchanges although Switzerland managed to profit from that development given its progressive regulation of the industry.
As finews.com reported then, investors fled to the safety of Swiss custody accounts as many started to withdraw them from central exchanges in order to manage the assets themselves.
