In Sam Bankman-Fried’s fraud trial, the jury quickly found the FTX founder guilty of seven criminal counts, which carry a potential life sentence. Legal experts were surprised by the speed of the decision, as it typically takes longer to prove fraud and conspiracy charges in complex financial cases. Both the prosecution and defense agreed that $10 billion in customer funds from FTX’s crypto exchange went missing and that Bankman-Fried was responsible. The key question for jurors was whether he intentionally committed fraud or made mistakes. The prosecution simplified the case by focusing on the fact that money was stolen from ordinary investors, regardless of the complexities of the crypto industry. They presented evidence from witnesses and Bankman-Fried’s own statements to support their case. The defense tried to create reasonable doubt but failed to negate important facts. Bankman-Fried’s decision to testify backfired due to inconsistencies in his testimony and lack of appeal.
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