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A federal jury in New York has convicted FTX founder Sam Bankman-Fried of defrauding customers of his now-bankrupt cryptocurrency exchange.
The 31-year-old former billionaire was accused of stealing billions from FTX customers and investors in one of the biggest financial frauds in US history.
Bankman-Fried could face decades in prison.
The verdict came after a monthlong trial in which prosectors argued he had acted out of sheer greed, spending the money on investments, real estate and promotions for his cryptocurrency exchange.
During the courtcase, three of Bankman-Fried’s former top executives pleaded guilty to fraud charges and testified against him.
More to come…
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