Crypto Tycoon Sam Bankman-Fried Found Guilty of Fraud and Conspiracy, Awaits Sentencing in 2024

Former FTX CEO faces potential 110-year prison term and significant restitution payments while financial backers see monumental loss; second trial scheduled for March 2024.

• The ex-FTX CEO Sam Bankman-Fried was found guilty on two counts of wire fraud and five counts of conspiracy, which were the result of a month-long trial considered the most closely-watched criminal trial in the world.
• Bankman-Fried's trial was marred by his inappropriate behavior, including demanding vegan meals and Adderall, leaking his ex-girlfriend's diary to the press, and playing video games during important meetings.
• The sentence could potentially span to a maximum of 110 years, but it's estimated that it could be around 30 to 40 years due to the scale of the financial loss to the victims, which falls into billions.
• Bankman-Fried is currently incarcerated, having his $250 million bail revoked for alleged witness tampering, and is expected to remain there until his sentencing in March 2024.
• Post-conviction, there may be attempts to appeal the verdict, but experts like former Assistant U.S. Attorney Kevin J. O'Brien believe that these are unlikely to be successful.

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