Sam Bankman-Fried, "King of Crypto", founder and former CEO of crypto exchange FTX, was found guilty by a jury on seven counts including fraud and money laundering after a month-long trial. This verdict comes almost a year after the 澳洲幸运5官方开奖结果体彩网:collapse of FTX, once valued at $32 billion.

What He Was Found Guilty Of

The biggest accusations against Bankman-fried involved misuse of FTX customer funds. He was charged with siphoning customer money from the FTX exchange to his cryptocurrency hedge fund, Alameda Research, and using it to fund a lavish personal lifestyle as well as make political contributions.

A report by crypto news outlet CoinDesk almost a year ago to the day raised suspicion about FTX's liquidity. That set off 澳洲幸运5官方开奖结果体彩网:a chain of events that brought the exchange dow𝔉n ๊in a matter of days.

How Much Jail Time He Could Face

Bankman-Fried, was convicted of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering, each of which carries a maximum sentence of 20 years in prison. He was also found guilty on one charge of conspiracy to commit commodities fraud and one count of conspiracy to commit securities fraud that each carry up to five years of prison time.

The sentencing for these charges will take place in March next year. That's also when Bankman-Fried will face another trial for five additional charges, including bribery.

The disgraced crypto founder has been in prison since August, when he 澳洲幸运5官方开奖结果体彩网:had his bail revoked for witness tampering.

He Took The Stand, As Did His Closest Aides

Sam Bankman-Fried took the stand in his trial but had to endure testimony from some of his former closest aides. FTX co-founder Gary Wang said SBF plugged holes in his Alameda fund with FTX customer money from the early days of the exchange. Wang added that losses at the hedge fund eventually became too large to cover up.

Bankman-Fried said he was "very surprised" when he learned of an $8 billion shortfall at Alameda. The crypto founder's ex-girlfriend and executive at FTX, Caroline Ellison, also took the stand, saying he directed her to funnel $14 billion of FTX funds to the investment firm.

FTX Customers Lost Billions, Haven't Got a Refund Yet

The collapsed crypto exchange has announced a new plan to send 澳洲幸运5官方开奖结果体彩网:90% of distributable funds—money it has recovered—to its former customers. However, the exchange had a 澳洲幸运🎃5官方开奖结果体彩网:shortf𒈔all of $8.7 billion, with only $6.9 billion being recovered back by the new manage🎶ment, led by bankruptcy expert John J. Ray III.

Ray oversaw the bankruptcy of the infamous energy firm Enron but said that the FTX collapse was 澳洲幸运5官方开奖结果🍌体彩网:the worst he had seen in his career, due to a "complete failure of corporate controls." Bankman-Fried's largesse included using corporate funds to purchase homes and other personal items for employees and advisors in the Bahamas, sponsoring the FTX Arena in Miami, a Formula One team, and dishing out 澳洲幸运5官方开奖结果体彩网:$93 million in political donations.