Former crypto tycoon Sam Bankman-Fried was found guilty on all seven counts of fraud, embezzlement and criminal conspiracy.
NEW YORK -- Former crypto tycoon Sam Bankman-Fried was found guilty Thursday by a New York jury on all seven counts of fraud, embezzlement and criminal conspiracy.
Bankman-Fried, 31, was until late last year a poster-boy for the crypto industry and estimated to be worth $26 billion by Fortune magazine, before his empire collapsed spectacularly. The defense said their client had acted in "good faith" and was overtaken by circumstances and the financial ineptitude of close associates who testified against him to gain leniency from prosecutors.
The money was used to prop up Alameda Research, Bankman-Fried's personal hedge fund for which he picked Ellison as CEO.