Relief in crypto world over Sam Bankman-Fried conviction

Former crypto tycoon Sam Bankman-Fried was found guilty Nov 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: Cryptocurrency backers on Nov 3 celebrated the fraud conviction of the industry’s one-time golden boy Sam Bankman-Fried, hoping the embattled sector can finally turn the page on a multibillion dollar scandal.

The “verdict should hopefully mark the end of a dark era in our industry”, said Yat Siu, president of Animoca Brands, a video game publisher and investor in projects linked to blockchain, the underlying technology of cryptocurrencies.