Sam Bankman-Fried, the 'Crypto King', has been found guilty and could potentially face several decades behind bars, as per Caroline Ellison.

 Sam Bankman-Fried, the 'Crypto King', has been found guilty and could potentially

Sam Bankman-Fried, once hailed as the "King of Crypto" and the mastermind behind the multi-billion dollar cryptocurrency exchange FTX, has been dealt a devastating blow. Following a month-long trial in New York, the jury wasted no time in delivering their verdict, finding him guilty of fraud and money laundering. It took them less than five hours to reach this conclusion, marking a swift end to a once illustrious career.

This turn of events marks a stunning fall from grace for the 31-year-old former billionaire. Bankman-Fried, who once commanded the heights of the cryptocurrency world, now faces the grim reality of spending decades behind bars. His sentencing has been scheduled for 28 March next year, leaving him with an uncertain future.

FTX, the cryptocurrency exchange that Bankman-Fried founded, was once valued at a staggering $32 billion. However, its fortunes took a drastic turn when it went bankrupt in November of last year, leaving $8 billion in customer funds missing. This catastrophic collapse served as the catalyst for Bankman-Fried's downfall. US attorney Damian Williams did not mince his words when describing Bankman-Fried's actions. He labeled them as "one of the biggest financial frauds in American history," a calculated scheme designed to elevate Bankman-Fried to the pinnacle of the crypto world. Williams emphasized that this case was about deceit, dishonesty, and theft, vowing that such behavior would not be tolerated. As the verdict was read, Bankman-Fried stood before the jury, his hands clasped, while his parents sat beside him, their heads buried in their hands. The weight of the guilty verdict was palpable, signaling the end of an era for the once-prominent figure. The jury found Bankman-Fried guilty of a litany of charges, including lying to investors and lenders, as well as embezzling billions of dollars from FTX, ultimately leading to its demise. He had been charged with seven counts of fraud and money laundering, but throughout the trial, he maintained his innocence, claiming that any mistakes made were done so in good faith. In the aftermath of the verdict, Bankman-Fried's lawyer, Mark Cohen, expressed disappointment while respecting the jury's decision. Cohen made it clear that Bankman-Fried would continue to fight the charges against him, staunchly maintaining his innocence. As the news of the guilty verdict spread, many wondered whether Bankman-Fried would appeal. However, his spokesperson remained silent, declining to comment on any potential plans.