| United States v. Bankman-Fried | |
|---|---|
 | |
| Court | United States District Court for the Southern District of New York |
| Full case name | United States of America v. Samuel Bankman-Fried |
| Started | October 3, 2023 |
| Decided | November 2, 2023 |
| Verdict | Guilty on all counts |
| Charge |
|
| Court membership | |
| Judge sitting | Lewis A. Kaplan |
United States of America v. Samuel Bankman-Fried was a 2023 federal criminal trial in the United States District Court for the Southern District of New York. Financial entrepreneur Sam Bankman-Fried, commonly known as SBF, was convicted on seven charges of fraud and conspiracy following the collapse of his cryptocurrency exchange FTX in November 2022.[1] The trial and conviction of Bankman-Fried was one of the most notorious cases of white-collar crime in the United States and raised awareness within the business community over criminal activity in the cryptocurrency market. The trial had several implications, with financer Anthony Scaramucci calling Bankman-Fried "the Bernie Madoff of crypto".[2]
The trial received significant media attention, with daily coverage from major news outlets. Prior to his company's collapse, Bankman-Fried was celebrated as "a kind of poster boy for crypto"[3] and FTX had a global reach with more than 130 international affiliates.[4] Some commentators said that the entire cryptocurrency industry was "on trial with him",[5][6][7] while others argued this case was about fraud, not cryptocurrencies.[8]
Following the jury's verdict in November 2023, on March 28, 2024, Bankman-Fried was sentenced to 25 years in federal prison.
- ^ Yaffe-Bellany, David; Goldstein, Matthew; Edward Moreno, J. (November 2, 2023). "Fallen Crypto Mogul Convicted in Collapse That Cost Users Billions". The New York Times. Archived from the original on November 2, 2023. Retrieved November 2, 2023.
- ^ The Collapse Of FTX: Insiders Tell All | CNBC Documentary. Retrieved May 6, 2024 – via www.youtube.com.
- ^ Q. ai (December 13, 2022). "What Happened To Crypto Giant FTX? A Detailed Summary Of What We Actually Know So Far". Forbes. Archived from the original on October 20, 2023. Retrieved October 19, 2023.
- ^ Osipovich, Alexander; Saeedy, Alexander; Gladstone, Alexander (December 4, 2022). "Clashes Over FTX Bankruptcy Go Global". Wall Street Journal. ISSN 0099-9660. Archived from the original on October 20, 2023. Retrieved October 19, 2023.
- ^ Yaffe-Bellany, David; Goldstein, Matthew (October 2, 2023). "Crypto Goes on Trial, as Sam Bankman-Fried Faces His Reckoning". New York Times. Archived from the original on October 19, 2023. Retrieved October 19, 2023.
- ^ Chipolina, Scott (October 6, 2023). "Crypto goes on trial alongside SBF". Financial Times. Archived from the original on October 20, 2023. Retrieved October 19, 2023.
- ^ "'A Galactic Embarrassment': The Crypto World Is Already Sick of SBF's Trial". Wired UK. October 6, 2023. ISSN 1357-0978. Archived from the original on October 20, 2023. Retrieved October 19, 2023.
- ^ Wolf, Jarett (September 29, 2023). "The Sam Bankman-Fried Case Is Not About Crypto, It's About Fraud". Forbes. Archived from the original on September 30, 2023. Retrieved February 7, 2024.