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Sam Bankman-Fried found guilty of fraud

Photo illustration of Sam Bankman Fried on a background of pixels and handcuffs.
Photo Illustration by Cath Virginia / The Verge

Former cryptocurrency kingpin Sam Bankman-Fried has been found guilty of fraud. A New York jury delivered the verdict on November 2nd, concluding a trial that has seen Bankman-Fried defend himself against claims that he criminally mismanaged his crypto exchange FTX and trading firm Alameda Research.

After more than a month in trial, the jury took four and a half hours to decide Bankman-Fried’s fate, declaring him guilty on all seven charges, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. He is set to be sentenced by Judge Lewis Kaplan on March 28th of next year and faces decades in prison.

Bankman-Fried started FTX in 2019, and its valuation rose stratospherically during a post-pandemic…

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