Bankman-Fried was found guilty late Thursday on seven criminal counts of fraud and conspiracy by a federal jury in lower Manhattan. His FTX company was one of the largest digital assets powerhouses in the world, enabling him to become a significant lobbying force in Washington.
With the verdict capping what the prosecution described as one of the largest financial scams in American history, the fallen business magnate, 31, might spend decades behind bars.
Crypto giants like Binance, Coinbase, and Gemini, among others, are still headed for courtroom battles with regulators that could prove to be an even greater threat to the market’s future than FTX’s collapse in late 2022 did. However, as the emerging industry now looks to finally move on from Bankman-Fried.
Since the demise of FTX, the Securities and Exchange Commission has filed more than two dozen charges pertaining to cryptocurrencies; chair Gary Gensler described the industry as “a field rife with fraud, scams, bankruptcies, and money laundering.”
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