FTX crypto-villain Sam Bankman-Fried convicted on all charges

2023-11-03 01:10

Sam Bankman-Fried, the founder and former CEO of crypto exchange FTX and trading firm Alameda Research, has been found guilty of seven criminal charges.

FTX was once valued at $32 billion, and Bankman-Fried was fêted as a visionary thanks in part to his willingness to spruik his firm, and crypto, to almost anyone willing to put a microphone in front of his face.

Money moved from FTX to Alameda could not be accessed by FTX investors, leaving them unable to cash out and causing the exchange to collapse.

FTX co-founder Gary Wang also testified that Bankman-Fried knew of Alameda's troubles and of funds shifted to address them, but did not challenge the decisions.

Bankman-Fried, an infamously awkward character, testified in his defence and portrayed himself as the victim of the never-ending ructions of the crypto market.

FTX has arguably replaced Enron as the ultimate example of corporate incompetence.

News URL

https://go.theregister.com/feed/www.theregister.com/2023/11/03/sam_bankman_fried_ftx_convicted/

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