FTX founder Sam Bankman-Fried has been found guilty of fraud by a New York jury for embezzling over $10 billion from customers and investors, resulting in the collapse of FTX, once the world’s second-largest cryptocurrency exchange, AP News reports.
The verdict comes after a month-long trial in Manhattan federal court. Prosecutors argued that Bankman-Fried siphoned billions of dollars from customer accounts at FTX through his cryptocurrency hedge fund, Alameda Research.
Bankman-Fried was charged with two counts of wire fraud, two counts of wire fraud conspiracy, and three other conspiracy charges, potentially leading to a 110-year prison sentence.
