Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX.
After 15 days of testimony and about four and a half hours of deliberations, jurors returned a verdict that found him guilty on seven counts of fraud and conspiracy.
During his trial, Bankman-Fried said he learned in 2020 that FTX customer funds were held by Alameda but he did not take action to safeguard them.Other charges Bankman-Fried was found guilty of include defrauding investors in FTX and a money-laundering charge. FTX, founded by Bankman-Fried in 2019, billed itself as a safe and easy way to start trading cryptocurrencies – digital assets whose values are based largely on a collective hope for their future application, which remains murky.
That other firm was Alameda Research, a hedge-fund-like crypto trading house that Bankman-Fried launched in 2017.Almost as soon as FTX was created in 2019, Bankman-Fried ordered co-founder Gary Wang to and Chief Technology Officer Nishad Singh to tweak the platform’s code to allow Alameda, as a customer on the exchange, certain “special privileges” that other customers lacked, according to Wang’s testimony.
As both the CEO of Alameda and Bankman-Fried’s romantic partner for two years, Ellison was uniquely positioned to comment on what was happening within the tight inner circle of Alameda and FTX executives, many of whom lived together in a $30 million luxury apartment in the Bahamas.
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