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

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.

It was noted that SBF’s legal team intends to appeal the verdict, given that SBF has maintained his 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.