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HomeEconomySam Bankman-Fried convicted of multi-billion-dollar FTX fraud  

Sam Bankman-Fried convicted of multi-billion-dollar FTX fraud  


Reuters was first to report that FTX founder Sam Bankman-Fried was found guilty on Thursday of stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire’s fall from grace. 

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Alameda used the money to pay its lenders and to make loans to Bankman-Fried and other executives – who in turn made speculative venture investments and donated upwards of $100 million to U.S. political campaigns in a bid to promote cryptocurrency legislation the defendant viewed as favorable to his business, according to prosecutors.

Article Tags

Topics of Interest: EconomyTechnology

Type: Reuters Best

Sectors: Economy & PolicyTechnology

Regions: Americas

Countries: US

Win Types: Speed

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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