this post was submitted on 03 Nov 2023
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This is the best summary I could come up with:
Sam Bankman-Fried, the co-founder and former CEO of crypto exchange FTX and trading firm Alameda Research, has been found guilty on all seven counts related to fraud and money laundering.
The decision was handed down on Thursday, following a five-week trial that dug deep into how one of the biggest crypto exchanges and its sister trading company collapsed about a year ago.
Bankman-Fried fell quickly from the top of the crypto totem pole after a faulty Alameda balance sheet was unveiled by CoinDesk in November 2022, which resulted in industry-wide panic and concern around FTX and its liquidity.
As the story unraveled, we learned that the problem was much, much bigger than many originally thought: The executives behind the now-bankrupt FTX and Alameda allegedly stole over $8 billion in customer funds.
Prosecutors argued Bankman-Fried made false promises and was responsible for the loss of billions of dollars for thousands of investors on FTX.
The DOJ’s December 2022 indictment stated Bankman-Fried knowingly defrauded FTX customers by misusing their deposits to invest in other companies and pay off lenders and expenses.
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