Sam Bankman-Fried, the reputed 'Crypto King', found guilty of FTX fraud

Sam Bankman-Fried, the former head of a major cryptocurrency exchange, has been found guilty of fraud and money laundering after a month-long trial in New York. The jury reached its verdict on the first day of deliberations. Bankman-Fried, once a billionaire and a prominent figure in the crypto industry, now faces the possibility of many years in prison. He was arrested last year after his firm, FTX, went bankrupt. Prosecutors accused him of deceiving investors and lenders and stealing billions of dollars from FTX, leading to its collapse. Bankman-Fried pleaded not guilty, claiming he had made mistakes but acted in good faith. However, the case turned against him when three former colleagues, including his ex-girlfriend, pleaded guilty and testified against him. They presented evidence that Bankman-Fried had used funds meant for FTX customers to repay lenders, buy property, and make investments and political donations. Bankman-Fried took the stand in his own defense, arguing that he had not acted with criminal intent. The trial has had significant implications for the crypto industry, which has been plagued by allegations of criminal activity. Bankman-Fried's downfall has been seen as emblematic of the sector's problems.