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title: Sam Bankman-Fried Found Guilty of Defrauding Cryptocurrency Customers | TIME
description: It took exactly one year for Sam Bankman-Fried to transform from beloved billionaire entrepreneur to convicted felon.

On Nov. 2, a New York jury found Bankman-Fried guilty on all seven counts he was charged with by the Department of Justice, including defrauding customers and investors of his crypto exchange FTX. Bankman-Fried, the jurors decided, was part of a conspiracy to extract more than $8 billion from FTX customers and funnel it to his trading firm Alameda Research, which then spent it on Bahamian real estate, startup investments and political donations.
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og:title: Sam Bankman-Fried Found Guilty of Defrauding Cryptocurrency Customers
og:description: It took exactly one year for Sam Bankman-Fried to transform from beloved billionaire entrepreneur to convicted felon.

On Nov. 2, a New York jury found Bankman-Fried guilty on all seven counts he was charged with by the Department of Justice, including defrauding customers and investors of his crypto exchange FTX. Bankman-Fried, the jurors decided, was part of a conspiracy to extract more than $8 billion from FTX customers and funnel it to his trading firm Alameda Research, which then spent it on Bahamian real estate, startup investments and political donations.
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twitter:title: Sam Bankman-Fried Found Guilty of Defrauding Cryptocurrency Customers
twitter:description: It took exactly one year for Sam Bankman-Fried to transform from beloved billionaire entrepreneur to convicted felon.

On Nov. 2, a New York jury found Bankman-Fried guilty on all seven counts he was charged with by the Department of Justice, including defrauding customers and investors of his crypto exchange FTX. Bankman-Fried, the jurors decided, was part of a conspiracy to extract more than $8 billion from FTX customers and funnel it to his trading firm Alameda Research, which then spent it on Bahamian real estate, startup investments and political donations.
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* U.S.

# Sam Bankman-Fried Found Guilty of Defrauding Cryptocurrency Customers

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<!-- video src="https://cdn.jwplayer.com/manifests/Jo42XIXH.m3u8" -->
## Video: Sam Bankman-Fried Found Guilty of Defrauding Cryptocurrency Customers

[Watch (HLS stream): Sam Bankman-Fried Found Guilty of Defrauding Cryptocurrency Customers](https://cdn.jwplayer.com/manifests/Jo42XIXH.m3u8) (2:07)

![Sam Bankman-Fried Found Guilty of Defrauding Cryptocurrency Customers](https://cdn.jwplayer.com/v2/media/Jo42XIXH/poster.jpg?width=720)

_Published 2023-11-03. It took exactly one year for Sam Bankman-Fried to transform from beloved billionaire entrepreneur to convicted felon. On Nov. 2, a New York jury found Bankman-Fried guilty on all seven counts he was charged with by the Department of Justice, including defrauding customers and investors of his crypto exchange FTX. Bankman-Fried, the jurors decided, was part of a conspiracy to extract more than $8 billion from FTX customers and funnel it to his trading firm Alameda Research, which then spent it on Bahamian real estate, startup investments and political donations._


---

Nov 3, 2023 9:29 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Crypto Dictionary with Andrew Chow, Author of "Cryptomania"](/video/28wiy1oZ/)

### Crypto Dictionary with Andrew Chow, Author of "Cryptomania"

[Why Sam Bankman-Fried Received a 25-Year Prison Sentence](/video/84fRie4k/)

### Why Sam Bankman-Fried Received a 25-Year Prison Sentence

[New CEO of the Failed Cryptocurrency Exchange FTX: 'Old Fashioned Embezzlement'](/video/B3JI9jZm/)

### New CEO of the Failed Cryptocurrency Exchange FTX: 'Old Fashioned Embezzlement'

---


## Transcript

Perpetrated one of the biggest Financial frauds in American history a multibillion-dollar scheme designed to make him the king of crypto. Krypto the cryptocurrency industry might be new the players likes by females. This kind of fraud is kind of corruption it because all this time and we have no patience for it. Play became us attorney. I promised that we would be relentless and rooting out corruption in our financial markets. This is what will it look like? Did Kate move at lightning speed that was not a coincidence? That was a choice? It's also a message. It's a warning that came to every single Foster out there who thinks that they are untouchable.

But that their crimes are too complex for us to catch powerful for us to prostitute. With a big kid trying to talk their way out of it when they get caught. Those supposed to think again. Cut it out. If they don't I promise we'll have enough game cost for all of them. Let me in with it. I understand this case got a lot of public attention that mean. The women and men of the southern district of New York in the FBI consistently deliver outstanding Public Service on behalf of the American people without fear or favor without any expectation of public acclaim. They do it because they believe in the rule of law.

They do it because they love this country. They are Patriots and I'm proud to serve with them. Thank you, everyone. Who respects Theresa Susan? We're very disappointed in the results. Are you guys home free Age of Innocence?

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