Former crypto king Sam Bankman-Fried (SBF) was found guilty on all seven counts of criminal fraud last night.

SBF launched cryptocurrency exchange FTX in 2019 and by early 2022 he was one of the 50 wealthiest people in America, worth an estimated $26.5 billion. Then his crypto empire crumbled virtually overnight.

During his trial, federal prosecutors described FTX as “one of the biggest financial frauds in American history.” SBF’s friends and former executives took plea deals and testified against him, saying he directed them to effectively steal $10 billion of FTX customer deposits to keep hedge fund Alameda Research, a sister company, afloat. SBF testified that he never committed fraud or plotted to steal from FTX’s customers.

The jury deliberated less than five hours before finding the 31-year-old guilty.

He’ll be sentenced in March and faces a maximum of 115 years in prison.

I don't trust crypto as whole.

even former President Donal Trump is facing trial too.

The stupid poor sod.

https://wapo.st/3MrnQ5S

https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/

A classic case of fvck around and find out. ... So, all his goons turned on him, even though they all committed the scam together...

That's why when on babalawa told me long time ago, "Becareful of friends" I took it seriously.

All those who perpetrated one ponzi or the other are walking free in Nigeria.