‘Crypto-king’ Sam Bankman-Fried guilty of fraud

Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, has been found guilty on two counts of fraud and seven counts of conspiracy.

Bankman-Fried was accused of stealing $US8 billion from his exchange’s customers. Several U.S. media outlets have reported he was found guilty a few minutes ago.

He will be sentenced in March next year, and could face more than 100 years in prison.

Sam Bankman-Fried and FTX

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SBF’s cryptocurrency exchange FTX, then one of the world’s largest,in November 2022.

Cryptocurrency exchanges allow people to trade traditional currencies for cryptocurrencies, and to trade between different types of cryptocurrencies.

The bankruptcy filing came after crypto news site CoinDesk reported FTX was taking risks with its customers’ money. It alleged a company owned by SBF was holding billions worth of FTX’s customers’ money and using it to make investments.

Sam Bankman-Fried wasin December 2022 and found guilty of fraud by a jury today.