Cryptocurrency

Sam Bankman-Fried is convicted of fraud in FTX collapse

New York federal jury finds crypto exchange’s founder guilty of stealing billions of dollars from customers

Sam Bankman-Fried, the founder of FTX, was convicted on 2 November
Sam Bankman-Fried, the founder of FTX, was convicted on 2 November Photo: Yuki Iwamura/Getty Images

FTX founder Sam Bankman-Fried was convicted on 2 November of stealing billions of dollars from customers of the doomed crypto exchange, in what prosecutors called one of the biggest financial frauds in US history.

A New York federal jury convicted him of all seven counts he faced. The verdict capped the stunning fall of the onetime crypto king, whose shaggy-haired, boy-genius persona helped catapult FTX into a powerhouse trading platform that sponsored sports teams and ran glitzy ads featuring football great Tom Brady, model Gisele Bündchen and comedian Larry David.

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