FTX founder found guilty of fraud worth billions

Sam Bankman-Fried, the founder of FTX, the cryptocurrency exchange that went bankrupt last year, has been found guilty of all seven charges, including fraud and conspiracy to launder money. The 31-year-old ex-billionaire faces life in prison.

Prosecutors allege he orchestrated a scheme to embezzle up to $10 billion from investors. Jurors ruled that customer deposits were moved to Alameda Research, a hedge fund affiliated with the head of FTX, to pay off debts and buy luxury real estate.

“This is one of the largest financial scams in U.S. history,” said Manhattan District Attorney Damian Williams.

Sentencing will be set for next March; Bankman-Fried has not pleaded guilty.

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