In the criminal case in New York, the jury deliberated for about four hours and found Former FTX CEO SBF guilty of all seven charges.

Bankman-Fried was found guilty of seven charges, including two wire fraud, two wire fraud conspiracies, one security offense, one commodity fraud conspiracy, and one money laundering conspiracy.

The court will reassemble on March 28, 2024, for Judge Lewis Kaplan of the New York District to determine Bankman-Fried’s sentence. Government prosecutors will propose a sentence, but Judge Kaplan will make the final decision.

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Court Decision and Details of the Charges

Each of Bankman-Fried’s crimes,wire fraud, wire fraud conspiracy and money laundering conspiracy require maximum 20 years of imprisonment.

At a press conference outside the courthouse, Damian Williams, United States Prosecutor for the Southern District of New York, described Bankman-Fried’s crimes as a “multi-billion dollar plan designed to become king of the crypto world,” and considered it one of the greatest financial scams in American history.

Bankman-Fried’s lawyer Mark Cohen said that they respect the jury’s decision, but they feel very disappointed with the outcome. Mr. Bankman-Fried maintains his innocence and will continue to fight these charges vigorously.

Other key FTX executives, including former Alameda CEO Caroline Ellison, FTX founder Gary Wang and former FTX engineering president Nishad Singh have accepted various charges and cooperated with the government to testify against Bankman-Fried during the five-week trial.

Bankman-Fried had denied all charges and during his trial, he testified as a witness to defend his innocence and described FTX’s November 2022 crash as a series of major mistakes.

He claimed that he had committed no wrongdoing in the relationship between Alameda and FTX and stated that he had not participated in key decisions.

SBF accused Wang of creating a function that allowed Alameda to trade funds that were not present on FTX and claimed that he did not know what happened to Alameda’s billion-dollar debt in the crashed crypto market in 2022.

In his testimony, he accused Ellison of neglecting risk management and claimed that FTX clients did not defraud their assets exceeding $8 billion, but rather, Alameda borrowed from the exchange.

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This tumultuous journey had a turning point intertwined with the initial fundraising efforts of crypto entrepreneur Sam Bankman-Fried. Sam managed to secure nearly $170 million from a group of investors who adhered to the principles of “Effective Altruism.” This community consisted of individuals dedicated to finding the best ways to serve society, often through donations and funding for social responsibility projects.

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At the age of 26, Sam embarked on a journey to utilize this substantial capital to navigate the growing and inefficient crypto markets. His goal was to capitalize on price discrepancies across different exchanges and collect pennies within seconds.

However, things didn’t go as planned in the early stages. Alameda Research incurred millions of dollars in losses in its initial months, and some trading funds simply “vanished” due to poor fund management. As a result, SBF Lost 500.000 USD every day!

Additionally, a bot named Modelbot, designed to trade nearly 500 tokens on about thirty exchanges, initially proved unsuccessful. Modelbot failed to differentiate between highly liquid cryptocurrencies and thinly traded memecoins, raising concerns among early Alameda staff that the raised funds might evaporate.

Yet, just when it seemed all hope was lost, fate once again changed course with the arrival of Gary Wang and Nishad Singh. Their entry marked a significant turning point in the destiny of Alameda Research.

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