Sam Bankman-Fried (SBF) found guilty of all charges. How did it start and how did we get here?
In what could be one of the biggest financial frauds in American history, Sam Bankman-Fried (SBF), the founder of cryptocurrency exchange #FTX , was found guilty of all charges today November 2, 2023.
The case started in November 2022, when the FTX crypto exchange collapsed after a run on customer deposits revealed a massive hole in the company's balance sheet.
#sbf was arrested a few weeks later and charged with seven counts of fraud and conspiracy.
Prosecutors alleged that SBF used customer funds to make risky investments, buy property, and fund political campaigns. He also allegedly misled investors about the financial health of FTX.
SBF pleaded not guilty to all charges, but a jury of his peers found him guilty on all counts after just five hours of deliberation. He now faces up to 110 years in prison!
🧨Here is a timeline of the major events in the case:
⏱️November 2022: FTX collapses after a run on customer deposits.
⏱️December 2022: SBF is arrested in the Bahamas and charged with seven counts of fraud and conspiracy.
⏱️January 2023: SBF is extradited to the United States.
⏱️February 2023: SBF's trial begins.
⏱️March 2023: SBF testifies in his own defense.
⏱️April 2023: The prosecution and defense deliver their closing arguments.
⏱️May 2023: The jury begins deliberating.
⏱️November 2023: SBF is found guilty of all charges.
The disgraced FTX founder is currently awaiting sentencing, which is scheduled for March 28, 2024. He also faces a second criminal trial in the United States for additional charges.
What It Means for the Crypto Industry⁉️
SBF's conviction is really a major blow to the cryptocurrency industry, which is already struggling to regain the trust of investors and regulators.
Nevertheless, the industry is continually growing and withstanding several challenges it’s facing. #keepbuilding
