Sam Bankman-Fried, the founder of infamous cryptocurrency exchange platform FTX, was found guilty on all counts Thursday.
Bankman-Fried now faces up to 115 years in prison for wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities and conspiracy to commit money laundering.
“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history,” said U.S. attorney for the Southern District of New York Damian Williams. “The cryptocurrency industry might be new. The players like Sam Bankman-Fried, Fried might be new. But this kind of fraud, this kind of corruption, is as old as time and we have no patience for it.”
Following the verdict, the 31-year-old’s lawyers signified that Bankman-Fried maintains his innocence and would “continue to vigorously fight the charges against him.”
