Sam Bankman-Fried has been found guilty on seven charges related to FTX and Alameda Research and sentenced to 25 years in prison. Read the latest here.
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, has been found guilty of seven counts, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. Bankman-Fried founded FTX because he was frustrated with other exchanges used by his crypto trading firm Alameda Research, according to a profile from FTX investors Sequoia Capital.
On March 28th, he returned to the courtroom for sentencing, where Judge Lewis Kaplan sentenced Bankman-Fried to 25 years in prison. The scheme started to fall apart rapidly after CoinDesk published a blockbuster article about Alameda’s balance sheet. It showed that FTX and Alameda were very closely linked and that a lot of the balance sheet consisted of the FTT token, which was issued by FTX.
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