Sam Bankman-Fried, the once-celebrated crypto entrepreneur, faced a staggering downfall as he was found guilty on all seven charges of fraud and money laundering by a U.S. court. The verdict concludes a dramatic saga that began with the collapse of FTX, once a crypto exchange giant, and its affiliate, Alameda Research.

After a five-week trial, the jury delivered a swift verdict in just four hours. The Department of Justice had accused Bankman-Fried of a "wide-ranging scheme" to misappropriate billions from FTX customers and deceive the company’s investors and lenders. The evidence presented painted a stark contrast to the defense's narrative that Alameda had merely "borrowed" funds from FTX.

The revelation of a misleading Alameda balance sheet by CoinDesk last November precipitated a crisis of confidence in FTX, leading to its rapid descent into bankruptcy. As details emerged, it became clear that over $8 billion in customer funds had vanished, shaking the foundation of trust in the crypto marketplace.