FTX Founder Bankman-Fried Convicted of Stealing Billions, Faces Potentially Decades in Jail

FTX Founder Bankman-Fried Convicted of Stealing Billions, Faces Potentially Decades in Jail

FTX founder Sam Bankman-Fried was convicted Thursday of stealing billions of dollars from customers of the crypto exchange he founded.

It is one of the biggest financial frauds in U.S. history. 

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A New York federal jury convicted him of all seven counts.

The 31-year-old former billionaire faces sentencing on March 28, 2024 — he faces the potential of decades in federal prison.

“The crypto exchange abruptly crashed a year ago, with customers losing billions of dollars. Bankman-Fried, 31 years old, was indicted in December 2022 and agreed to leave his home in the Bahamas to face an array of fraud charges. Near the end of the monthlong trial, Bankman-Fried took the risky move of testifying in his own defense,” reports the Wall Street Journal.

"The verdict capped the stunning fall of the onetime crypto king, whose shaggy-haired, boy-genius persona helped catapult FTX into a powerhouse trading platform that sponsored sports teams and ran glitzy ads featuring football great Tom Brady, model Gisele Bündchen and comedian Larry David," writes the WSJ.

SEE TOM BRADY ADS ABOVE.

A sentencing date was set for March 28, 2024. He could face a decadeslong prison term.