As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / FTX founder Sam Bankman-Fried found guilty of multiple criminal charges

FTX founder Sam Bankman-Fried found guilty of multiple criminal charges

Publish Date: 03/11/2023
Video: FTX founder Sam Bankman-Fried found guilty in crypto fraud case

FTX founder Sam Bankman-Fried found guilty in crypto fraud case

On Thursday, a 12-member Manhattan jury convicted FTX founder Sam Bankman-Fried on seven criminal charges, including wire fraud, securities fraud, commodities fraud and money laundering.

Starting in early October, Bankman-Fried’s trial featured his associates testifying against him. These include Caroline Ellison, Bankman-Fried’s ex-girlfriend and former Alameda head, and Gary Wang, an FTX co-founder and Bankman-Fried’s childhood friend. They both had pleaded guilty in December to multiple charges and cooperated as prosecution witnesses.

Bankman-Fried had denied all charges related to FTX and Alameda’s collapse. He asserted that he had faced genuine challenges managing a high-risk business. He disavowed direct involvement in code updates that had allowed Alameda to access FTX funds and said he had not been part of trading or inquired about the missing funds.

His sentencing by Judge Lewis Kaplan is set for March 28 next year. He faces a maximum 115-year prison sentence.

In a briefing following the verdicts, Damian Williams, the U.S. attorney for the Southern District of New York, said that Bankman-Fried had committed one of the largest financial frauds in American history.

“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. This case has always been about lying, cheating, and stealing, and we have no patience for it,” said Williams.

Attorney General Merrick Garland said in a statement, “Sam Bankman-Fried thought that he was above the law. Today’s verdict proves he was wrong.”

Garland emphasized that the case should be a warning to those who try to hide their crimes behind complicated schemes, as the Justice Department will make sure they face the consequences.

Assistant U.S. Attorney Nicolas Roos said earlier on Wednesday that there was “no serious dispute” about the disappearance of $10 billion in customer funds from FTX’s crypto exchange. The question, he said, is whether Bankman-Fried was aware that taking the money was unethical.

“The defendant schemed and lied to get money, which he spent,” Roos said.

FTX’s downfall

Bankman-Fried launched FTX in 2019, and its value surged significantly during the post-pandemic crypto boom. Prosecutors alleged the operation had been fraudulent from the beginning. While he had presented the exchange as safe to investors and the public, former colleagues testified that it had manipulated data and given hidden advantages to Alameda, such as a $65 billion credit line and the ability to use FTX customer funds.

The downfall of FTX began when an article published in November 2022 exposed the hidden mixing of funds. Furthermore, Binance CEO Changpeng “CZ” Zhao announced his withdrawal from the exchange. As a result, Bankman-Fried stepped down, and FTX filed for bankruptcy. Bankman-Fried subsequently faced civil and criminal charges related to fraud and money laundering.

Leading up to his trial, Bankman-Fried created issues with prosecutors and the court. Initially on house arrest, he was incarcerated in August for breaching bail conditions, such as using a VPN to watch a football game.

Many other prominent companies are facing legal issues in the U.S. and elsewhere, with several experiencing abrupt collapses similar to FTX’s.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site