A US court convicted Sam Bankman-Fried, founder of cryptocurrency exchange FTX, on fraud and conspiracy charges. TV channel reports this CNBC.
FTX announced in early November 2022 that it had filed for bankruptcy and Bankman-Fried had resigned as chairman of the company. However, the U.S. Securities and Exchange Commission suspected the company of fraud in December of that year.
According to the indictment, the crypto exchange received $1.8 billion from investors, which were transferred to the Bankman-Fried private hedge fund rather than spent as intended.
Now that his guilt has been proven, Bankman-Fried faces 115 years in prison.
Before this the court sent Bankman-Fried, founder of the FTX cryptocurrency exchange, was imprisoned.
Bankman-Fried will be held at the Brooklyn Detention Center.
Formerly founder of FTX launched $250 million bail.