If you’re just tuning in, here’s a helpful recap of the case and convictions, via Reuters: The charges Sam Bankman-Fried was convicted of seven counts of wire fraud and conspiracy to launder money. Prosecutors laid out how he embezzled customer money to help with losses at his crypto hedge fund and to buy Bahamas property, donate to campaigns and make other investments. He was also accused of lying to investors and lenders and directing Alameda’s chief executive officer to mislead fund creditors. Bankman-Fried’s defense Bankman-Fried’s lawyer had portrayed him as out of his depth and overwhelmed – a young man who “made mistakes” while his venture rapidly expanded, the Guardian previously reported from trial. The guilty verdict announced in a New York City courtroom tonight cements Sam Bankman-Fried’s downfall from a billionaire crypto star to convicted fraudster. The 31-year-old now faces decades in prison, with his sentencing hearing to take place at a later date. Inside the courtroom, Reuters reported that “Bankman-Fried stood and clasped his hands together as the verdict was read”. Bankman-Fried was accused of swindling FTX customers out of some $10bn. Prosecutors said that his fraud extended from 2019 to November 2022, when FTX collapsed under the weight of a liquidity crisis, caused by the lending of customer funds to Alameda Research, FTX’s sister hedge fund, without telling them. Catch up on our full story here. Sam Bankman-Fried found guilty Hello, and welcome to our live coverage of the verdict in the trial of Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX. Bankman-Fried has been found guilty on all counts after a multiweek trial. He was charged with seven counts of wire fraud and conspiracy to launder money for his role in the multibillion-dollar collapse of FTX over a matter of days in 2022. Once hailed as a cryptocurrency trading virtuoso, the story of his rapid downfall has become the industry’s greatest cautionary tale. We’ll be covering developments and reactions here.