Sam Bankman-Fried, the co-founder & former CEO of FTX has been found guilty of fraud and money laundering and faces up to 115 years in prison. Yesterday, a 12-member jury in Manhattan federal court in the US found him guilty of all 7 charges of fraud and money laundering (6 counts of fraud, 1 count of money laundering) . It was said that Sam had looted over $8 billion from from exchange out of greed and even made more mess for users who trusted this platform.
This is the first and biggest news of its kind and would obviously shape the crypto industry in some ways. One way things would definitely change is that most people would realise (if they haven't already) that the crypto space isn't a lawless ground and events in crypto space are to be taken as real events. Crimes like fraud, exploitations, money laundering, impersonations, bullying, poor influencing are not exempted from law and are punishable.
While I still hoped that a solution came up and an individual like Sam with such a brilliant mind doesn't rot in prison, Justice has to be served.
Well deserved, a brilliant mind like Sam would not have to embezzle billions of user funds to make good money. He has chosen to go down this path now he is facing the consequences.
I heard about this news and I was happy
I'm glad that he was found guilty
Fraud is a very bad habit