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Crypto is New, but Stealing is Old News

Sam Bankman-Fried was convicted for stealing millions from customers in court decision.

FTX founder Sam Bankman-Fried, the disgraced crypto mogul, was convicted of all seven charges against him on Thursday. Federal prosecutors found Bankman-Fried guilty of stealing billions from customers in order to help his hedge fund, Alameda Research, as well as fund an extravagant personal lifestyle. He maintained his innocence throughout the trial, but with 18 witnesses and overwhelming evidence of fraud, now faces as much as 115 years in prison, according to the Wall Street Journal. James Finelli and Corinne Ramey report,

“While the cryptocurrency industry might be new, and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time,” said Damian Williams, the U.S. attorney in Manhattan. “This case has always been about lying, cheating and stealing, and we have no patience for it.”

His office had accused Bankman-Fried of being a greedy billionaire who lied to customers, investors and lenders while flying on private jets and hobnobbing with current and former heads of state. Prosecutors presented evidence and testimony showing Bankman-Fried was the architect of a scheme to siphon FTX money to repay the debts of its sister hedge fund, Alameda Research, bankroll risky investments, buy luxury real estate and cover hundreds of millions of dollars in political donations. 

Sam Bankman-Fried Found Guilty of All Seven Counts in Fraud Trial – WSJ

Bankman-Fried will be officially sentenced in March of next year.

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Crypto is New, but Stealing is Old News