"FTX Scandal: Bankman-Fried Found Guilty of 7 Charges Including Fraud... 'Decades in Prison Expected'"
Sentencing Trial in March Next Year
A U.S. court has found Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, guilty of charges including embezzling billions of dollars of customer funds.
The jury at the U.S. District Court for the Southern District of New York on the 2nd (local time) found Bankman-Fried guilty on all seven charges. After hearing testimony for the past 15 days, the jury deliberated for four hours before reaching this decision.
Accordingly, Bankman-Fried was found guilty of fraud using internet banking, money laundering, illegal campaign contributions, and related charges. Bankman-Fried claimed he was innocent of embezzling billions of dollars of customer funds, arguing that while mistakes were made, there was no illegality or intent, but the jury did not accept this defense.
Previously, prosecutors alleged that from 2019 until FTX collapsed last November, Bankman-Fried embezzled billions of dollars of customer funds to repay debts of Alameda Research, an FTX affiliate, and to purchase luxury real estate in the Bahamas. They also determined that he illegally provided at least $100 million in political donations to politicians.
According to foreign media, Bankman-Fried is expected to face decades in prison as a result of this verdict. His sentencing hearing is scheduled for March 28 next year.
Damian Williams, U.S. Attorney for the Southern District of New York, pointed out that the fraudulent acts committed by Bankman-Fried were no different from crimes that have existed for a long time. Bankman-Fried’s defense attorney stated that since he continues to claim innocence, they will fight until the end.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
Meanwhile, FTX, once one of the world’s top three cryptocurrency exchanges, filed for bankruptcy protection last November following a massive withdrawal crisis. Bankman-Fried was extradited from the Bahamas, where FTX is headquartered, to the U.S. in December last year and released on bail, but was detained after his bail was revoked in August this year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
