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Sam Bankman-Fried, the one-time cryptocurrency golden boy accused by US prosecutors of stealing billions of dollars of FTX customers’ money, was found guilty on Thursday on all counts, and now faces up to 110 years behind bars.
“The crypto currency industry might be new, players like SBF might be new, but this kind of fraud, this kind of corruption is as old as time and we have no patience for it.” During the weeks-long trial, some of his closest associates testified that he was key to all the decisions that saw $8 billion vanish from his FTX trading platform.In closing arguments, prosecutors portrayed the defendant as an extremely smart man consumed by greed who knew what he was doing when FTX funds were secretly funneled to Alameda.“He was ambitious” and had “the arrogance to think that he could get away with a fraud,” she added.
She told the jury that they had stolen “around $14 billion” from FTX clients and that Bankman-Fried, as owner of Alameda, “directed me to commit those crimes.” Prosecutor Nicholas Roos told the jury it had to decide whether “the defendant knew taking the money was wrong.”
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