From cryptotop to court: Sam Bankman-Fried found guilty

After a five-week trial in New York, Sam Bankman-Fried, founder of the now infamous cryptocurrency exchange FTX, has been found guilty of all seven counts of fraud. With the preliminary sentencing date set for March 28, 2024, Bankman-Fried faces the possibility of decades in prison, with a theoretical maximum of 115 years.

‍

Reactions and implications of the ruling

‍"Sam Bankman-Fried committed one of the largest financial frauds in U.S. history," stated U.S. Attorney Damian Williams outside court. The defense indicated that Bankman-Fried maintains his innocence and plans to continue to vigorously challenge the charges.

‍

The course of the jury's decision

‍Thejury began deliberations in the afternoon and soon reached a unanimous verdict. Bankman-Fried, who had been instructed by the judge to watch the jury, remained motionless as the guilty verdict was read. The verdict came as a unified message from the 12 New Yorkers: guilty on all seven counts.

‍

The emotional reactions in the courtroom

‍Thepresence of SBF's parents added a personal dimension to the case. As the verdict was read out, his father sank into grief, while his mother, stoic and with a certain gloom, gazed ahead. A moment of quiet emotional farewell was noticeable when finally, just before leaving the courtroom, Bankman-Fried cast a final look and a subtle smile at his parents.

‍

Accusations and defenses

‍Bankman-Friedwas accused of defrauding investors and customers of FTX, and the lenders of Alameda Research, totaling about $8 billion. During the trial, the prosecution tried to portray him as someone who knowingly stole customer funds for various purchases and investments. Bankman-Fried acknowledged "significant omissions" but claimed he never intended to defraud anyone or withdraw funds.

‍

Reflection on events

‍Bankman-Friedadmitted during his testimony to making mistakes, both small and large, which ultimately led to the company's bankruptcy and harm to customers and employees. The defense argued that he was an overcharged businessman who wrongly assumed that the company assets used were owned by the companies and not the customers or investors.

The final verdict will determine how severe the punishment will be for Bankman-Fried and what message this will send to the financial world.

‍