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

See related article: SBF trial enters final stage; Bankman-Fried lied about spending customer funds, prosecutors say in closing arguments

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.”

See related article: SBF examined over “cozy relationship” with Bahamian government in fraud trail