Featured in this episode of Tech News of the Week
There was very little doubt that Sam Bankman-Fried was guilty of perpetuating a massive fraud through FTX and Alameda research. But the nature of the fraud was heavily steeped in esoteric financial vehicles and unfamiliar technical jargon, so there was a chance- however slight- that a jury would fail to comprehend the scope and severity of his crimes.
After all, isn’t all this cryptocurrency just made up nonsense, and anyone silly enough to invest should have known the level of risk, right? And SBF was just a whiz kid who made a few bad bets. There’s nothing criminal about that is there?
Well, the jury was not. fucking. having. any. of that bullshit. After deliberating for a mere four hours, they returned a guilty verdict on all seven counts which carry with them a combined maximum sentence of 115 years. 31-year-old SBF, may be facing effectively life in prison for his financial misdeeds and for being a truly insufferable little prig.
But wait there’s more! There is a second trial currently slated for March 2024 which could further extend his prison sentence. The same judge is presiding over both cases, and may choose to decline the second case in lieu of the guilty verdict from this trial. If you ever wondered if crypto is a scam full of fraudsters, I think you have your answer.