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FTX Founder Sam Bankman-Fried Found Guilty of $8B Fraud: Jury Verdict Details

1 min
Updated by Kyle Baird
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In Brief

  • Sam Bankman-Fried, founder of FTX, is found guilty of defrauding customers after exchange's collapse.
  • Jury's swift unanimous verdict in the US court convicts Bankman-Fried of embezzling $8 billion in fraud.
  • Bankman-Fried is set to appeal the guilty verdict, while also facing additional charges in a separate trial.
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Sam Bankman-Fried (SBF), the disgraced founder of the FTX crypto exchange, has reportedly been declared guilty of defrauding customers a year following the exchange’s collapse.

Reportedly, a jury panel consisting of 12 members unanimously rendered a guilty verdict on all seven counts of fraud. Prosecutors alleged that he embezzled $8 billion from the exchange’s customers, driven by sheer greed.

Jury Delivers Final Verdict: Sam Bankman-Fried Guilty

The jury reached the verdict after deliberating for approximately four hours, according to a recent report.

US District Judge Lewis Kaplan has scheduled SBF’s sentencing for March 28, 2024. 

Learn more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

SBF’s legal team intends to appeal the verdict. This is due to SBF maintaining a not-guilty plea to the seven counts of fraud charges filed against him.

However, SBF’s legal challenges continue. United States prosecutors have brought additional charges against him pertaining to alleged foreign bribery and bank fraud conspiracies. For those charges, he will face a separate trial.

FTX founder Sam Bankman-Fried is questioned by defense lawyer Mark Cohen during his fraud trial over the collapse of the bankrupt cryptocurrency exchange before US District Judge Lewis Kaplan at federal court in New York City, U.S., October 31, 2023. Source: Jane Rosenberg | Reuters
FTX founder Sam Bankman-Fried is questioned by defense lawyer Mark Cohen during his fraud trial over the collapse of the bankrupt cryptocurrency exchange before US District Judge Lewis Kaplan at federal court in New York City, U.S., October 31, 2023. Source: Jane Rosenberg | Reuters

SBF Stood Firm, Avoided Guilty Plea for Lesser Sentence

It seemed that SBF had no inclination to negotiate with prosecutors for a reduced sentence in exchange for a guilty plea

BeInCrypto reported on October 4 that SBF refrained from engaging in any plea deal discussions prior to the trial’s commencement.

As the trial began, Judge Kaplan afforded SBF a final opportunity to testify before the jurors entered the courtroom.

Learn more: Who Is John J. Ray III, FTX’s New CEO?

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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