Benzinga - A jury has found Sam Bankman-Fried, the founder of FTX, guilty of all seven criminal counts pressed against him.
What Happened: Following the verdict, Dogecoin (CRYPTO: DOGE) co-creator Billy Markus, popularly known as Shibetoshi Nakamoto, took to X and wrote, “pro-tip: ‘altruism’ is not very ‘effective’ when it’s about stealing from the poor (crypto degens) and giving their money to rich celebrities (Kevin O’Leary), bribing politicians, and giving your already rich parents a 20 million dollar mansion.”
pro-tip: "altruism" is not very "effective" when it's about stealing from the poor (crypto degens) and giving their money to rich celebrities (kevin o'leary), bribing politicians, and giving your already rich parents a 20 million dollar mansion pic.twitter.com/Gsw4ogAJO7— Shibetoshi Nakamoto (@BillyM2k) November 3, 2023
Bankman-Fried, a 31-year old entrepreneur who grew up with two Stanford legal scholars as parents and graduated from the Massachusetts Institute of Technology, was found guilty of wire fraud and conspiracy to commit wire fraud against FTX customers and Alameda Research lenders. Additionally, he was convicted of conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, as well as conspiracy to commit money laundering.
Despite pleading not guilty to all charges, Bankman-Fried was unable to convince the jury. Damian Williams, the U.S. attorney for the Southern District of New York, spoke at a briefing after the verdicts were read, stating, “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history. The cryptocurrency industry might be new, and players like Sam Bankman-Fried might be new, but this kind of fraud and corruption is as old as time, and we have no patience for it.”
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: This is not the first time Markus has criticized Bankman-Fried. Following the collapse of FTX in November 2022, Markus heavily criticized Bankman-Fried, even after the latter admitted his wrongdoings on television and publicly apologized to customers and creditors on X. In a previous post, Markus referred to Bankman-Fried as “the most famous vegan.”
remember boys and girls, the most famous vegan is sam bankman-fried pic.twitter.com/Zq5q5R0j9i— Shibetoshi Nakamoto (@BillyM2k) September 8, 2023
Price Action: At the time of writing, DOGE was trading at $0.67, down 3.76% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Photo by Cointelegraph on Wikimedia
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.