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.
![Founder of FTX Trading Ltd., Sam Bankman-Fried arrested for fraud](https://shegze.com/wp-content/uploads/2023/11/2DF8253C-7948-45BB-9245-38216F7493F9.jpeg)
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.