Sam Bankman-Fried faces jail after he is found guilty of defrauding crypto customers out of billions

US

Sam Bankman-Fried has been found guilty of defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest frauds ever.

The 31-year-old could be sentenced to more than 100 years in prison after cheating thousands of FTX customers out of billions of dollars.

A Manhattan jury convicted him on all seven counts after a month-long trial.

FTX collapsed last November, shocking financial markets and wiping out the crypto tycoon’s estimated $26bn (£21bn) wealth.

Bankman-Fried – who denied two counts of fraud and five of conspiracy – clasped his hands together as the verdict was delivered after four hours of deliberation.

He will be sentenced next year.

This breaking news story is being updated and more details will be published shortly.

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