Sam Bankman-Fried is the co-founder and former CEO of crypto exchange FTX, once the world’s second-largest crypto exchange, and trading firm Alameda Research.

New York: FTX founder Sam Bankman-Fried was found guilty on Thursday of stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire’s fall from grace.

A 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced after a month-long trial in which prosecutors made the case that he looted $8 billion from the exchange’s users out of sheer greed.

Notably, Sam Bankman-Fried is the co-founder and former CEO of crypto exchange FTX, once the world’s second-largest crypto exchange, and trading firm Alameda Research.

“His crimes caught up to him. His crimes have been exposed,” Assistant U.S. Attorney Danielle Sassoon told the jury of the onetime billionaire.

Who Is Sam Bankman-Fried?

• Sam Bankman-Fried was worried as he was not taking enough risks after graduation.
• The son of two Stanford Law School professors left his Wall Street position and started a cryptocurrency hedge fund in 2017, which sparked a series of events that led to his criminal conviction on Thursday for participating in what federal prosecutors have dubbed one of the largest financial frauds in US history.
• Nearly after starting two years of launching a hedge fund, Alameda Research, Bankman-Fried founded FTX, an exchange that allowed users buy and sell digital assets such as bitcoin.
• The next two years in his venture saw a sharp increase in the value of cryptocurrencies, which helped Bankman-Fried reach a net worth of $26 billion before turning 30, as per Forbes magazine.
• Ahead of the US midterm elections in 2022, he turned his wealth into political power and became one of the largest contributors to Democratic candidates and causes.
• A native of Bahamas, Bankman-Fried gained notoriety for his dishevelled, curly hair and his rumpled shorts, which he wore even when hosting dignitaries such as Bill Clinton.
• A federal court on October 4 in Manhattan opened his trial. In the testimony, three ex-members of his inner circle—who have pleaded guilty and consented to work with the prosecution—described episodes in which he lost his cool around coworkers and implied that his eccentric persona was primarily a front, as per Reuters reports.
• 31-year-old Bankman-Fried stated in court that he made errors that hurt FTX workers and clients, like failing to establish a risk management team. However, he claimed that he had no intention of robbing anyone or taking money from them.