by Chris Black
I hadn’t been following this story closely, but I’d figured his lawyers would draw it out longer.
FTX founder Sam Bankman-Fried has been found guilty on seven counts of fraud and conspiracy linked to his ill-fated cryptocurrency exchange and a related hedge fund.
The verdict, delivered on Thursday evening by a New York federal jury, is likely to land the former tycoon a decades-long prison sentence.
It will be interesting to see what the sentence actually is. “Decades-long” seems unlikely.
He really screwed up by operating in America on the scale that he did, which subjected him to American financial regulations he was not even pretending to follow.
FTX was based in the Bahamas, and he could have done the same thing without operating directly under US regulation.
Unfortunately, Binance did something similar – or rather, is accused of doing something similar (they have a better case than FTX that they were not subject to US regulations).
If Binance falls, we’re going to have a serious problem in the crypto world.
Notably, the Binance CEO is not stupid enough to be caught out within the reach of US law enforcement.
Bankman was really a moron.