Sam Bankman-Fried found guilty on all charges

Bankman-Fried’s sentencing hearing is scheduled for March 28, 2024.

By Zoltan Vardai2023-11-03 9:15 AM UTC

NEW YORK, NY – MARCH 30: FTX founder Sam Bankman-Fried (C) departs Manhattan Federal Court after an arraignment hearing on March 30, 2023 in New York City. Federal prosecutors added a foreign bribery charge to the list of crimes that Bankman-Fried is already facing. The indictment accuses the FTX founder of directing $40 million in bribes to Chinese government officials to unfreeze assets related to his cryptocurrency business. (Photo by Drew Angerer/Getty Images)

Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, was found guilty of seven counts of fraud and conspiracy.

Fast Facts

The unanimous verdict followed 15 days of testimony and approximately four and a half hours of jury deliberation.

Bankman-Fried’s sentencing hearing is set to take place on March 28, 2024. He faces a maximum sentence of 115 years in prison.

An appeal could still be on the table, as Bankman-Fried’s lead attorney, Mark Cohen, said that his client respects the jury’s decision but maintains his innocence and will continue to “vigorously fight the charges.”

“Let’s remember that he operated ‘the safe and regulated’ exchange, and not a single regulator caught him,” said Erik Voorhees, the founder and chief executive officer of crypto trading platform ShapteShift, on X (formerly Twitter), reacting to Thursday’s verdict. “It was, instead, the market, which is not only a great fountain of innovation, but also the best arbiter of discipline and justice.”