'The crypto industry might be new ... but this kind of fraud is as old as time and we have no patience for it,' the prosecutor said following the verdict
“The crypto industry might be new … but this kind of fraud is as old as time and we have no patience for it,” the prosecutor said following the verdictonce the darling of the crypto world, has been found guilty of defrauding customers of his cryptocurrency exchange FTX, in one of the biggest financial frauds on record.
Prosecutors said he spent the money on investments, real estate, promotions for his cryptocurrency exchange and political contributions. He said Bankman-Fried “perpetrated one of the biggest financial frauds in American history, a multibillion dollar scheme designed to make him the king of crypto”. Bankman-Fried’s defence lawyer Mark Cohen said in a statement that he was “disappointed” but respected the jury’s decision.
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