Former Cryptocurrency Billionaire Found Guilty On All Charges, Faces Possibility Of Decades In Prison
One year ago, Sam Bankman-Fried was living the high life in a luxury penthouse in the Bahamas. He was the head of the cryptocurrency empire FTX. He was a multimillionaire. He hobnobbed with celebrities. Now, he could be facing a lifetime in jail.
Last year, Bankman-Fried was arrested in the Bahamas, and in simple terms, he was accused of stealing money from his customers. He faced seven criminal charges, and yesterday, November 2, 2023, a jury found him guilty on every single criminal charge. The most surprising thing is that after a trial that lasted over four weeks, the jury only deliberated for four and a half hours before reaching their decision.
Bankman-Fried’s legal time plans to appeal the jury’s decision. His lawyer, Mark Cohen, said in a statement, “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.”
In a statement, Damian Williams, the U.S. attorney for the Southern District of New York, explained why he believes this case is so clear cut even though it’s about cryptocurrency, something not everyone understands. He said, “While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time.” He added, “This case has always been about lying, cheating, and stealing, and we have no patience for it.”
Bankman-Fried is currently in a federal prison in Brooklyn, and he will remain there for the time being. In March 2024, he will face another day in court when Judge Kaplan will decide his sentence. It’s possible he could spend the rest of his life behind bars.
Watch the video below to learn more about why the jury’s decision is surprising but also not surprising at all.
Are you surprised Bankman-Fried was found guilty?