Sam Bankman-Fried, founder of FTX, was found guilty on seven counts of fraud and conspiracy related to the collapse of the crypto exchange. The charges include stealing billions from FTX customer accounts, defrauding Alameda Research (FTX’s sister company), and money laundering. The verdict follows a yearlong saga that saw FTX’s collapse, leaving an estimated 1 million customers facing potential losses. Bankman-Fried’s trial was closely watched by regulators, investors, and the crypto community for its potential impact on the largely unregulated crypto market. FTX, once a trusted name in crypto, entered bankruptcy in 2022 after a leaked document sparked a customer panic.
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