The shadow of Sam Bankman-Fried still looms over the industry
Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, was found guilty on all counts by a federal jury in the US on Wednesday. He was convicted of fraud, money laundering, and lying to regulators over the startup’s bankruptcy proceedings. The jury took less than five hours to find Bankman-Fried guilty of all counts.
Sam Bankman-Fried was not an egregious man-child
Sam Bankman-Fried, the 31-year-old founder of cryptocurrency investment firm FTX, has been convicted by a US jury on one count of securities fraud. Bankman-Fried was found guilty after a three-day trial. The prosecution alleged Bankman-Fried, who founded FTX in 2014, steered a fraudulent business to a $32 billion valuation in three years.