Sam Bankman-Fried guilty on all counts in $8bn FTX fraud, NY jury rules

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FTX founder Sam Bankman-Fried was guilty of defrauding customers on his cryptocurrency exchange out of billions of dollars, a federal jury concluded on Thursday. After four hours of deliberation, the 12-member Manhattan panel convicted Bankman-Fried of two counts of fraud and five counts of conspiracy, Reuters reports. The executive had pleaded not guilty to the charges against him. The crypto billionaire was once worth $26bn, and his rapid fall is one of the highest-profile financial scandals in modern US history. Federal prosecutors accused the executive, once a darling of the business press, of taking FTX customers’ money and using it to pay off the debts of Alameda Research, a related cryptocurrency hedge fund Bankman Fried founded in 2017, as well as make real estate purchases and political donations. This is a breaking news story and will be updated with new information.

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