The jury in FTX Founder Sam Bankman-Fried's trial has reached a verdict.
- Found guilty of defrauding FTX customers by jury in New York
- Found guilty on all 7 criminal accounts he faced at trial
He was found guilty by a jury. Sentencing will be set for March 28, 2024.
- Bankman-Fried's charismatic and successful image had helped FTX become a prominent trading platform with high-profile sponsorships and advertisements.
- FTX experienced a sudden crash a year ago, resulting in substantial losses for customers.
- Bankman-Fried faced fraud charges and chose to testify in his own defense during the monthlong trial.
- The U.S. attorney’s office in Manhattan accused Bankman-Fried of lying to customers, investors, and lenders while misusing funds for various purposes, including political donations and luxury real estate.
- Former allies of Bankman-Fried testified against him, stating that he directed them to commit crimes.
- Bankman-Fried's defense argued that he was a math nerd and entrepreneur trying to navigate the emerging crypto industry, emphasizing that things could get messy in the real world.
- Despite his testimony, Bankman-Fried's responses during cross-examination raised doubts about his credibility, with the prosecutor highlighting inconsistencies in his statements.
- FTX, founded in 2019, grew rapidly but collapsed in November 2022 after the release of a leaked Alameda balance sheet.
- The trial was presided over by U.S. District Judge Lewis Kaplan, who maintained a firm yet humorous demeanor.
- The jury, consisting of nine women and three men, ranged in age and backgrounds.
- Key witnesses, including Bankman-Fried's inner circle members, corroborated their accounts, supported by contemporaneous documents and chat messages.
- Bankman-Fried was portrayed as a risk-taker who promoted FTX as a safe trading platform even when he knew it was in trouble.
- Bankman-Fried claimed he was not involved in Alameda's operation and only learned of the issues in the fall of 2022.
- The trial involved tense exchanges between Bankman-Fried and the prosecutor, as they scrutinized his claims.
The verdict marked a significant downfall for Sam Bankman-Fried and had wide-reaching implications for the crypto industry.
