The man once known as "the king of crypto", Sam Bankman-Fried, has been found guilty of fraud and money laundering in New York after less than five hours of jury deliberations. The month-long trial saw former colleagues, friends, and even Mr Bankman-Fried's former partner testify against the crypto mogul, who was arrested last year in the Bahamas following the collapse of his trading firm FTX, which had a domino effect across the crypto space.
Bankman-Fried will be sentenced on March 28 next year, and faces decades in jail. The jury found him guilty of lying to investors and lenders about the state of FTX's finances (the firm collapsed with an $8 billion black hole in the accounts) over seven counts of fraud and money laundering, all of which Bankman-Fried had pleaded not guilty to.
