Cryptocurrency king Sam Bankman-Fried (SBF) was found guilty of defrauding customers, investors, and employees in one of the most high-profile criminal cases to date. A 12-member jury at a Federal court in Manhattan delivered the verdict yesterday, after roughly five hours of reflection. SBF will appeal the judgment in a higher court as he pleads his innocence. Meanwhile, he will be sentenced on March 28, 2024. The judgment could put him in 110 years of imprisonment if he receives the maximum penalty on all seven charges held guilty.
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The decision comes nearly a year after SBF’s famed crypto firm, FTX, went bankrupt. SBF took one of the rare decisions to testify in his own defense during the month-long court trial. Missing funds amounting to $8 billion from FTX’s balance sheet put the firm in the spotlight when customers fled to withdraw their money.
Federal prosecutor Damian Williams noted that “The crypto industry might be new, the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time and we have no patience for it.” SBF’s criminal ruling is regarded as an initial step aimed at subjecting the unruly crypto sector to more rigorous scrutiny.
What is BTC’s Highest Price?
Bitcoin (BTC-USD) touched its highest price of $68,978.64 on November 10, 2021, when crypto firms and currencies were basking in the glory of the crypto frenzy. However, a series of unfavorable macro-events and the demand for tighter regulation defused the craze. Notably, cryptocurrency prices fell drastically in response to FTX’s failure last year, and several other crypto firms saw their values collapse. Currently, BTC is trading at a 48.4% discount to its all-time high price after recovering significantly from the lows seen earlier this year.
