In a major case of alleged financial fraud, the founder of FTX Trading Ltd., Sam Bankman-Fried, has been found guilty of stealing $8 billion from the company's customers.

The 31-year-old was convicted of fraud and conspiracy after a month-long trial in Manhattan federal court.

Federal prosecutors stated that Bankman-Fried lied to customers and investors about the use of their funds, using them instead to finance risky bets made by his crypto hedge fund, Alameda Research.

Bankman-Fried's conviction sends a strong message that financial fraud, even in the cryptocurrency industry, will not be tolerated.