Sam Bankman-Fried found guilty of massive crypto fraud

Former crypto tycoon Sam Bankman-Fried was found guilty November 2, 2023 by a New York jury on all seven counts of fraud, embezzlement and criminal conspiracy. The panel reached its decision after five weeks of trial, and Bankman-Fried now faces up to 110 years behind bars. — AFP

NEW YORK: Sam Bankman-Fried, the one-time cryptocurrency golden boy accused by US prosecutors of stealing billions of dollars of his customers’ money, was found guilty on Thursday on all counts and faces up to 110 years behind bars.

The jury reached its decision in just five hours after a trial in New York lasting five weeks. Sentencing for the man widely known as "SBF" will take place on March 28, 2024.