Sam Bankman-Fried was convicted of a massive fraud that led to the collapse of his FTX exchange, following a month-long trial that pitted the testimony of the former crypto king against that of some of his closest friends.

Bankman-Fried was found guilty of seven counts of fraud and conspiracy after jurors in Manhattan deliberated for less than five hours Thursday. He faces as much as 20 years in prison on each of the most serious charges. Judge Lewis Kaplan set a sentencing date in March 2024.

The verdict is a win for Manhattan US Attorney Damian Williams in the highest-profile criminal prosecution in the crypto world. It also caps a spectacular fall for Bankman-Fried from early 2022 when FTX was valued at $32 billion and celebrities including Tom Brady, Larry David and Steph Curry were paid to urge people to trade digital currency on the platform.

Prosecutors claimed Bankman-Fried used billions of dollars stolen from customers of the FTX crypto exchange to enrich himself, make speculative investments, and fund illegal campaign contributions in hopes of influencing government policy toward the crypto market.

Bankman-Fried was standing, holding his hands in front of him and looking at the jury box, as he listened to the verdict.

Prosecutors characterized him as the mastermind of a massive fraud at FTX, of creating a “pyramid of deceit” built on lies and false promises. Bankman-Fried’s lawyers positioned him as a hard-working math nerd who tried in good faith to reverse the fast-deteriorating situation in the company last year.

First Published:Nov 3, 2023 5:52 AM IST