sam bankman-fried Archives - New Hip Hop News

Sam Bankman-Fried has been found guilty on seven charges primarily relating to fraud. Additionally the charges stem from his role in the collapse of his cryptocurrency exchange, FTX. The charges Bankman-Fried faced could amount to 110 years in prison. However, experts believe that the 31-year-old will receive well below the maximum sentence when he is sentenced in March. The main crux of the prosecution’s argument was that Bankman-Fried had used his hedge fund, Alameda Research, to siphon funds away from FTX, which he founded two years later. This money came from customers who used the exchange. Furthermore, Bankman-Fried is believed to have defrauded his customers for more than $10 billion.

Jurors rejected testimony from Bankman-Fried that he never intended to defraud the customers of his cryptocurrency monolith. However, Bankman-Fried’s rang hollow. The prosecution presented countless tales of structural mismanagement, a lack of proper accounting, and simply bizarre details. Salacious headlines have dominated the case since the exchange collapsed last year. Of particular note were the reports that Bankman-Fried lived alongside nine other people as part of a polycule, a term to describe the structure of a polyamorous relationship. All nine of them reportedly worked alongside Bankman-Fried at FTX.

Prosecutors Declare Justice Served, Bankman-Fried Vows To Fight

Judge Kaplan: Madam Foreperson, I understand the jury has reached a verdict. Please hand it to Andy. Thank you. The clerk will publish the verdict. Please rise.
Count 1: Guilty.
Count 2: Guilty.
Count 3: Guilty.

— Inner City Press (@innercitypress) November 2, 2023

US Attorney Damian Williams told reporters that Bankman-Fried had “perpetrated one of the biggest financial frauds in American history, a multibillion dollar scheme designed to make him the king of crypto. But here’s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,” he said.

In closing statements, Bankman-Fried’s attorneys argued that the prosecution was trying to “turn Sam into some sort of villain, some sort of monster.” Furthermore, after the verdict, his team vowed that the fight wasn’t over. “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” attorney Mark Cohen told reporters outside the courthouse.

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FTX Vs. Miami Heat

NBA fans are well aware of the fact that the Miami Heat’s arena was called “FTX Arena.” The naming rights were purchased for $135 million just two years. Since the scandal, however, the Heat has been trying to get the name removed from its building. According to TMZ, those efforts have officially become successful.

Consequently, all FTX logos will be removed from outside of the arena. Additionally, any FTX branding on the court will also have to go. Over the past month, the exchange’s logos have remained on the floor in the arena, which has definitely caused some confusion.

FTX Founder Sam Bankman-Fried arrives for a court hearing at Manhattan Federal Court on January 03, 2023 in New York City. Bankman-Fried has been charged with eight criminal counts of fraud, conspiracy, and money-laundering offenses which includes making illegal political contributions. (Photo by Michael M. Santiago/Getty Images)

Overall, it can certainly be said that the Heat are just happy to rid themselves of the brand. Now, they won’t have to field any unfortunate questions about the situation.

It remains to be seen who will win the naming rights next. Perhaps the Heat will have the foresight to stay away from crypto this time.