Crypto Tycoon Sam Bankman-Fried found guilty in these 7 cases, New York jury sentenced to 110 years

Sam Bankman-Fried, known as Crypto Tycoon in the world, was found guilty by a New York court on Thursday. Actually, cases of fraud, embezzlement, and criminal conspiracy have been registered against them. He is guilty in 7 cases. The hearing was going on in the New York jury for the last 5 weeks. After this hearing, the New York jury announced its verdict.

A New York jury has sentenced Sam Bankman-Fried to up to 110 years in prison.

A very challenging period had begun for Bankman-Fried. His business associate has testified that Bankman-Fried was involved in the disappearance of $8 billion from the FTX trading platform. Let us tell you that Bankman-Fried is 31 years old. He was a poster boy in the crypto industry. According to Fortune Magazine, his total wealth was $26 billion.

His wealth has completely collapsed after the verdict given by the New York jury. The key witness in this entire case was Bankman-Fried's former colleague and girlfriend Caroline Ellison. Ellison said in the deposition that last year Bankman-Fried stole approximately $14 billion from customers of the FTX cryptocurrency trading platform.

He has used this money for venture capital deals, political contributions as well as owning luxurious properties. Apart from this, he has also used this amount to promote hedge fund, Alameda Research.