ftx
New York (AFP) - Disgraced cryptocurrency wunderkind Sam Bankman-Fried was sentenced to 25 years in jail on Thursday -- a stunning descent for a figure who seemed poised to lead an emerging sector less than two years ago. US District Judge Lewis Kaplan said the defendant, who became known by his initials "SBF," had shown no "real remorse," even in his final pre-sentencing remarks in which the former billionaire rued "a series of bad decisions" but did not acknowledge knowingly violating financial laws. Bankman-Fried said "mistakes were made, but never a word of remorse for the commission of a...
AFP
New York (AFP) - Disgraced cryptocurrency wunderkind Sam Bankman-Fried is set to be sentenced Thursday following his conviction in one of the biggest financial fraud cases in history. US prosecutors are seeking a prison term of 40-50 years after a New York jury found Bankman-Fried, known by his initials SBF, guilty in November following a five-week trial that probed the one-time high roller's spectacular fall. Calling Bankman-Fried's seven-count conviction reflective of the defendant's "unmatched greed and hubris," the government's sentencing request argues for significant jail time in light o...
AFP
New York (AFP) - US prosecutors have requested that a court sentence disgraced crypto mogul Sam Bankman-Fried to between 40 and 50 years imprisonment for massive fraud that cost customers $8 billion, court documents showed Friday. The founder and CEO of the FTX cryptocurrency exchange platform will face sentencing on March 28 after being found guilty in early November of seven counts including fraud, conspiracy and money laundering. "A sentence of 40 to 50 years' imprisonment... is necessary to reflect the seriousness of the defendant's crimes," the prosecution's sentencing memorandum said. B...
AFP
New York (AFP) - Cryptocurrency backers on Friday celebrated the fraud conviction of the industry's one-time golden boy Sam Bankman-Fried, hoping the embattled sector can finally turn the page on a multibillion dollar scandal. The "verdict should hopefully mark the end of a dark era in our industry," said Yat Siu, president of Animoca Brands, a video game publisher and investor in projects linked to blockchain, the underlying technology of cryptocurrencies. On Thursday, a New York jury found Bankman-Fried, known as "SBF," guilty of all seven counts against him, including fraud, conspiracy and ...
AFP
New York (AFP) - Sam Bankman-Fried, the one-time cryptocurrency golden boy accused by US prosecutors of stealing billions of dollars of his customers' money, was found guilty on Thursday on all counts, and now faces up to 110 years behind bars. Following five weeks of trial in New York, the jury reached its decision in just five hours. Sentencing for man widely known as "SBF" will take place at a later date. US Attorney Damian Williams, in a statement after the verdict was announced, said Bankman-Fried had "perpetrated one of the biggest financial frauds in American history, a multibillion dol...
AFP
New York (AFP) - Jurors began deliberations in the trial of Sam Bankman Fried, the one time cryptocurrency golden boy who is accused of massive fraud by stealing customer money as he built his empire. The month-long federal trial has been an ordeal for Bankman-Fried after some of his closest associates testified that he was key to all the decisions that saw eight billion dollars vanish from his FTX trading platform. Bankman-Fried, 31, was until late last year a poster-boy for the crypto industry and estimated to be worth $26 billion by Fortune magazine, before his empire collapsed spectacularl...
AFP
New York (AFP) - Prosecutors and defense lawyers set out their competing visions of cryptocurrency's former golden boy Sam Bankman-Fried in the closing arguments of his blockbuster trial on Wednesday. "This is not about complex issues of cryptocurrencies," prosecutor Nicolas Roos told the jury after several days of withering cross-examination of the fallen crypto king. "It's about deception. It's about lies. It's about stealing. It's about greed," he said of the 31-year-old who was estimated to be worth several billion dollars before his fortunes collapsed. Not so, said Bankman-Fried's lawyer ...
AFP
New York (AFP) - Former crypto tycoon Sam Bankman-Fried struggled on Tuesday to explain his behavior during the last days of his FTX empire, as prosecutors shone a light on his willingness to take massive risks. Bankman-Fried's last day of testimony ended four weeks of courtroom drama in which his former colleagues took turns to insist that the 31-year-old was behind key decisions at the doomed crypto exchange. The Massachusetts Institute of Technology graduate has been charged with seven counts of fraud, embezzlement and criminal conspiracy and faces decades in prison if found guilty on all c...
AFP
New York (AFP) - A US federal judge on Friday ordered FTX founder Sam Bankman-Fried back to prison less than two months before his trial on fraud charges, revoking the disgraced cryptocurrency tycoon's bail over alleged attempts to tamper with witnesses. Bankman-Fried, 31, has pleaded not guilty to charges of wire fraud and conspiracy to commit money laundering, as well as election finance violations, in connection with the spectacular collapse of his crypto firm last year. FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that a...
AFP
New York (AFP) - A US federal judge on Friday ordered FTX founder Sam Bankman-Fried back to prison after prosecutors argued he had violated the conditions of his bail and tampered with witnesses, less than two months before his trial. Bankman-Fried, 31, has pleaded not guilty to charges of wire fraud and conspiracy to commit money laundering, as well as election finance violations, in connection with the spectacular collapse of his cryptocurrency firm. US District Judge Lewis Kaplan directed Bankman-Fried back into federal custody citing "probable cause... that the defendant has committed the ...
AFP
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