Friday, December 1, 2023

The ‘king of cryptocurrencies’ is guilty of defrauding $8 billion in a US media trial

The media trial of a famous businessman Sam Bankman-Fried ended after a month of deliberation in New York. The person who manages the FTX cryptocurrency exchanges was convicted of fraud and money laundering and faces a maximum sentence of 110 years., although experts believe that it can be reduced to several decades. The decision is set for March 28 next year, a crucial time for Bankman-Fried’s lawyer, who will try to fight for her innocence.

The event held in New York lasted five hours and there was enough time to present evidence against one of the youngest ex-billionaires in the world since Sam was only 31 years old. In addition, The outcome of the legal process has devastated the cryptocurrency community because his face is a great help for this new market which has been criticized by many critics.

The culprit was living moments of glory before his well-known company, FTX, went bankrupt and the authorities began to investigate him. The entity has a value of 32 billion dollars after its destruction in November last year, which was announced as a loss of $8 billion in client funds. The prosecutor in the process Damian Williams admits Sam was able to continue one of the biggest financial frauds in US history whose goal is to make him the greatest influence in this type of money or, as he likes to call himself, the ‘king of cryptocurrencies’.

Sentencing and regulation

Faced by Bankman-Fried with seven counts of fraud and money laundering because there were signs that he lied to investors and lenders, in addition to taking billions of dollars from his company. The jury stated that they are tired of the accused lying because they have no patience for it. Despite pleading innocent, the decision – to be set for March 28 next year – sentenced him to a maximum sentence of 110 years for the aforementioned charges. Sam’s lawyer, Mark Cohen stated that would continue to fight for his client because the result would be disappointing for someone who did not act in bad faith.

The test stood for media attention that woke up all over the country since the main regulators in the world’s main power described the cryptocurrency market as an area full of crime so they encourage the establishment of regulations reality that is far from reality in the short term.

World Nation News Desk
World Nation News Desk
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