A jury in New York found the founder of the FTX crypto exchange, Sam Bankman-Fried, guilty of fraud. He is accused of criminally running his crypto exchange FTX and trading company Alameda Research.

The judges found him guilty on seven counts, including money laundering. Judge Lewis Kaplan will sentence him on March 28, 2024, and Bankman-Fried faces ten years in prison.

It is noted that the founder led the company to a deficit of billions of dollars due to the fact that he embezzled the funds for himself.

Bankman-Fried founded FTX in 2019. While he touted the exchange to investors and the public as safe, his colleagues testified that the firm falsified the numbers.

FTX’s empire collapsed after a Coindesk article uncovered the scam in November 2022 and Binance announced its exit from the exchange.

Bankman-Fried resigned, and FTX filed for bankruptcy. Subsequently, civil and criminal charges of fraud and money laundering were brought against the exchange.