Nov 3 (Lagos) - Founder of crypto firm FTX, Sam Banking-Fried will be sentenced at a later date after being found guilty on various counts of fraud in the USA. He faces more than 100 years in jail. During the trial his once close friends and girlfriend testified against him.
Once upon a time, Banking-Fried was known as the Crypto-King appearing regularly on TV shows and talking about charity and need to save the world from climate change. His firm FTX was the biggest Crypto firm in the world and it hired top celebrities in USA to market its crypto products appearing to make it look like a safe investment option to millions of people in USA and around the world.
People lost most of their money deposited in FTX when it collapsed in November 2022. Bankman-Friend pleaded not guilty in the case against him but the testimonies by his close friends and girlfriend exposed him and his mis-deeds at the crypto firm. He was arrested in the Bahamas from where he operated his crypto empire with impunity before it was exposed.
reporting for easykobo.com on Friday, November 3 2023 from Lagos, Nigeria