A king dethroned: Crypto mogul Sam Bankman-Fried convicted in $1.2 billion fraud scheme

Sam Bankman-Fried, the founder and former CEO of FTX, the disgraced crypto exchange that was one of the world’s largest at its peak, has been found guilty of defrauding customers by a federal jury in New York on Thursday, November 2. He faces up to 125 years in prison and a forfeiture of $1.2 billion, the amount he is said to have stolen from FTX customers.

The 31-year-old was accused of using customer funds to make risky bets on the price of Bitcoin and other cryptocurrencies and then covering up the losses with false accounting and misleading statements. He also allegedly manipulated the market by creating fake trading volume and inflating the prices of FTX tokens.

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His trial was one of the most…