Former CEO of now bankrupt FTX cryptocurrency exchange faces more than 100 years in prison if given maximum penalty
FTX imploded in November 2022 after Bankman-Fried and those in his inner circle comingled funds from the exchange with a closely associated hedge fund, Alameda Research. The result was Bankman-Fried and others using their customers’ money for their own personal ends. The illegal mixture created an $8bn budget shortfall that, when enough customers asked to withdraw their cryptocurrency, brought the exchange crashing down.
Bankman-Fried maintained his innocence throughout a month-long trial last year. Prosecutors said that the CEO “misappropriated and embezzled” billions of dollars in his management of FTX. He was convicted in November on seven counts of wire fraud and conspiracy to launder money.
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