Former co-founder and CEO of crypto exchange FTX and trading firm Alameda Research, Sam Bankman-Fried, has been convicted of fraud. Twelve jurors in a New York jury unanimously reached the verdict on 2 November, where Bankman-Fried faced allegations of criminally mishandling one of the largest crypto exchanges and its sister trading company.

As per the release from US attorney's office in the Southern District of New York, he is 'charged with a wide-ranging scheme to misappropriate billions of dollars of customer funds deposited with FTX and mislead investors and lenders to FTX and to Alameda Research.' The case isn't fully over as the sentencing hearing remains, which has been tentatively scheduled for next March. At about the same time, Bankman-Fried is also facing another trial on additional charges, including allegations of foreign bribery and bank fraud conspiracies.

The FTX empire crumbled following the disclosure of fund manipulation in November 2022. FTX's fall had cascading effects on the remaining crypto exchanges and the industry at large.