Sam Bankman-Fried, once revered as a “King of Crypto,” has experienced a fall from grace in a year that saw him turning from CEO of one of the most popular crypto exchanges, FTX, into a convict who awaits his guilty verdict in a jail cell.
Since August, the founder of FTX has been incarcerated after a federal judge annulled his bail due to probable cause of witness intimidation, a charge vehemently denied by Bankman-Fried.
In a swift verdict earlier this month, a jury convicted him within a few hours on charges of embezzling billions from FTX customers, concurrently defrauding investors and lenders. His sentencing is set for March 28, 2024, after which he will be transferred to a federal prison to commence his term.
Although Bankman-Fried has concluded his days of investing billions in startups and trading digital tokens, he is still providing guards with cryptocurrency advice from his cell walls, as The Wall Street Journal reported on November 23.
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