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The Manhattan federal jury has reached a verdict in the high-profile case of FTX co-founder, Sam Bankman-Fried. The 31-year-old entrepreneur presided over what is now known as the largest crypto collapse in history.

The jurors deliberated for several hours following the conclusion of Bankman-Fried's criminal trial. The jury found Bankman-Fried guilty of defrauding his customers, investors, and lenders. And delivered a verdict of guilty on all seven criminal charges, which ranged from wire fraud to money laundering. 

This conviction echoed through the crypto community. And the counts collectively carry a maximum sentence of a staggering 110 years. 

Bankman-Fried, known for his stoicism, remained composed as the verdict was read in the courtroom. His parents were visibly upset. 

But the legal troubles for Bankman-Fried are far from over. In the coming year, he is set to face a separate set of criminal charges, alleging bank fraud and bribery of Chinese officials in a March 28 trial.

The prosecution's case against Bankman-Fried revolved around the accusation that he intentionally embezzled $14 billion in customer deposits from his cryptocurrency exchange, a scheme that he purportedly executed in collaboration with three of his top executives: Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and FTX engineering director Nishad Singh. 

These executives all pleaded guilty to fraud charges after the collapse of FTX and provided crucial testimony against Bankman-Fried under plea agreements with the government.

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Crypto Collapse

Prosecutors allege the group facilitated Bankman-Fried's sister crypto trading firm, Alameda Research, with "secret" backdoor access to FTX's customer deposits. The funds were then utilized for a myriad of purposes, including investments, loan repayments, political donations, and real estate acquisitions. 

In the government's closing argument, prosecutor Nicolas Roos asserted, "He spent his customers' money and he lied to them about it." 

Throughout the trial, Bankman-Fried steadfastly maintained his innocence, contending that poor business decisions and management errors, not fraud, were responsible for the failure of his cryptocurrency exchange. When asked directly by his lawyer if he defrauded anyone or took customer funds, he vehemently denied both accusations. Ultimately the jury was not convinced.