Sam Bankman-Fried, FTX founder, potentially faces lengthy jail term

The founder of the now-defunct crypto exchange FTX, Sam Bankman-Fried, has been convicted of one of the largest fraud cases in history.

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Bankman-Fried was found guilty of secretly transferring $10 billion of customer funds to his trading company Alameda, resulting in FTX's collapse last year.

A Landmark Fraud Case

Bankman-Fried has been charged with conspiracy to commit wire fraud on lenders of Alameda Research, another trading firm he founded. Some of these charges carry maximum prison sentences of up to 20 years.

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"This is a multi-billion dollar scheme orchestrated by Bankman-Fried to become the king of crypto," said Williams, the prosecuting attorney. "While the cryptocurrency industry and players like Bankman-Fried may be new, this kind of fraud and corruption is as old as time itself."

Despite the guilty verdict, Bankman-Fried maintains his innocence and vows to fight the charges, according to a statement from his lawyer cited by The Guardian.

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From Promising Success to Controversy

Bankman-Fried, also known as SBF, founded FTX in 2019 and quickly gained a positive reputation in the cryptocurrency world. His exchange saw tremendous growth, amassing over 1 million users and generating over £1 billion in revenue in 2021.

However, a CoinDesk article published last year revealed inconsistencies in Alameda's balance sheet, which held billions of dollars in FTX's cryptocurrency, FTT. This revelation led to panic among customers, causing many to withdraw their holdings.

Bankman-Fried's arrest in the Bahamas in December 2022, just a day before his scheduled testimony before the US Congress regarding FTX's sudden collapse, further added to the controversy surrounding the case.