Tags: Trial

IRS Deals Devastating Blow to FTX With $24 Billion Tax Claim, Crypto Exchange Pushes Back

U.S. Treasury Building (Nikhilesh De/CoinDesk)

Attorneys representing the alleged fraudster, Avraham Eisenberg, convinced the judge that more time was needed to sift through discovery materials submitted by U.S. prosecutors.

The former FTX CEO is headed back to prison and awaits a potential second trial in March, while his lawyers pledged to “continue to vigorously fight the charges against him."

Sam Bankman-Fried’s criminal trial has concluded with a jury finding him guilty of all seven charges.

“He knew what he was doing was wrong; that’s why he never hired a risk officer,” U.S. Assistant Attorney Danielle Sassoon said.

Bankman-Fried pleaded not guilty to all seven counts of fraud charges related to the collapse of crypto exchange FTX.

The disgraced crypto executive frequently praised the need for crypto regulation in public.

The former FTX CEO reportedly said the donations made in his name came from “loans from Alameda Research” as part of efforts to influence U.S. regulations on crypto.

As the final witness in his defense case, the former FTX CEO placed some of the blame for the crypto exchange’s failure on Gary Wang and Nishad Singh.

The former FTX CEO took the stand for the first time in his criminal trial, but without members of the jury present.

Defense lawyers representing SBF called two witnesses, a Bahamas-based attorney and an expert from a litigation consulting firm, before the former FTX CEO’s testimony.