FTX Fraud: Crypto king Sam Bankman-Fried found guilty

The verdict was given against him after he faced a month-long trial in New York.

The jury delivered its verdict after deliberating for a few hours.

  It concludes a stunning fall from grace for the 31-year-old former billionaire and one of the most public faces of the crypto industry, reported BBC.

The crypto entrepreneur was arrested last year after the firm  FTX went bankrupt.

Sam now faces decades in prison.

After the verdict was announced, Attorney General Merrick B. Garland said in a statement: "Sam Bankman-Fried thought that he was above the law. Today’s verdict proves he was wrong. This case should send a clear message to anyone who tries to hide their crimes behind a shiny new thing they claim no one else is smart enough to understand: the Justice Department will hold you accountable."

"I am grateful to the U.S. Attorney’s Office for the Southern District of New York and the FBI for their outstanding work in bringing Mr. Bankman-Fried to justice,” he said.

Prosecutors had accused Bankman-Fried of lying to investors and lenders and stealing billions of dollars from cryptocurrency exchange FTX, helping to precipitate its collapse. They charged him with seven counts of fraud and money laundering, reported BBC.

Bankman-Fried's lawyer Mark Cohen said the result left them disappointed.

"We respect the jury's decision," Cohen was quoted as saying by BBC.

"Mr Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him," he added.