AFTER being found guilty of fraud and money laundering, Crypto King Sam Bankman-Fried is facing decades of jail time.
After a month-long trial in New York, Sam Bankman-Fried, the former billionaire founder of cryptocurrency exchange FTX, has been found guilty on seven counts of fraud and conspiracy involving $8-B.
The verdict comes after two weeks of trial and may result in a decades-long prison sentence.
FTX was once valued at $32-B, however, it went bankrupt in November 2022 after 8 billion in customer funds went missing.
Bankman-Fried was also arrested last year after FTX went bankrupt.
He was charged with misappropriating customer funds, deceiving investors, and borrowing substantial sums for his hedge fund, Alameda Research.
Five of the charges that the crypto king was found guilty carries a maximum prison term of 20 years and a five-year maximum on two other charges.
The sentencing is scheduled for March 28, and there is a possibility of a second trial with additional charges, pending a government decision by February 1.
