Breaking: FTX founder Sam Bankman-Fried found guilty on all 7 counts
The verdict on the FTX Founder Sam Bankman-Fried’s case is finally here. The jury has deemed SBF guilty of all seven counts of fraud and money laundering charges placed against him by the US Department of Justice. The ruling has finally brought an end to the nearly four week’s trial, which saw the top FTX executives testifying against Bankman-Fried.
FTX’s trial ends a month after its start
The criminal trial of the former crypto mogul and FTX CEO – Sam Bankman-Fried – began on October 3rd, 2023. The trial set course nearly 11 months after the collapse of FTX – formerly one of the biggest crypto exchanges in the world. The exchange had filed for bankruptcy in November 2022, after failing to honour customers’ withdrawal requests. The platform became the face of the biggest bank run cases in crypto history after a report revealed that its balance sheet was heavily influenced by its exchange token – FTT.
The downfall saw the top executives of the firm calling the quits and joining hands with US prosecutors. This, in turn, resulted in the apprehension and extradition of SBF in December 2022, with the Department of Justice in the Southern District of New York District uncovering the lawsuit against him. SBF has now been found guilty of seven charges of fraud and money laundering, charges to which he previously pleaded not guilty.
Trial unveiled behind the scenes of FTX operations
Since its start, the trial revealed the lies and deception of FTX and its sister firm – Alameda Research. The legal proceedings have also spilt the details on the events that led to the collapse of FTX in November 2022 and how the exchange’s customer balance was depleted from $20 billion to $5 billion. DoJ’s star witnesses, who were once members of SBF’s inner circle, have testified against him, labelling him as the ringmaster of the operations. This includes the former Alameda CEO – Caroline Ellison, former FTX Chief Technology Officer – Gary Wang, and former Chief Engineer – Nishad Singh.
The trial has also had SBF take the stand, wherein he was seen deflecting the allegations against him by claiming to play according to the lawyer’s books and holding the firm’s executives accountable for failing in their respective roles. Notably, the trial coming to an end, with the jury sealed the fate of the former FTX CEO, who once dreamed of becoming the President of the United States.
The story is still developing…
