"It concludes a stunning fall from grace for Bankman-Fried, a former billionaire and one of the most public faces of the crypto industry."
"Prosecutors had accused him of lying to investors and lenders and stealing billions of dollars from cryptocurrency exchange FTX, helping to precipitate its collapse."
Since he stole it, why do they continue calling him a former billionaire?
The word billionaire just means you possess at least a billion dollars. How you acquired the money doesn't enter into it. Pretty much all billionaires acquired a lot of their money through ill-gotten means.
I understand what the word means... And how you acquired it should matter. You wouldn't call someone, who the only way they acquired a million dollars was stealing it from a bank, a millionaire would you?
Yes, I would
This is the best summary I could come up with:
Sam Bankman-Fried, who once ran one of the world's biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.
They presented evidence that Bankman-Fried's crypto trading firm Alameda Research received deposits on behalf of FTX customers from the early days of the exchange, when traditional banks were unwilling to let it open an account.
Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to do in public, he spent the money to repay Alameda lenders, buy property and make investments and political donations.
Bankman-Fried made the risky move of taking the stand in his own defence, hoping to convince jurors that prosecutors had failed to prove he acted with criminal intent.
Bankman-Fried defended the money transfers between his firms as "permissible" and testified that he was largely unaware of the financial hole described by his deputies until a few weeks before the FTX collapse last year.
Panorama explores the breakneck rise and sensational fall of Sam Bankman-Fried, the maths genius who set out to transform the world of crypto but ended up being its biggest loser.
The original article contains 573 words, the summary contains 188 words. Saved 67%. I'm a bot and I'm open source!
Can’t wait to see how the 1:1 GME tokens are resolved