Tech Times' CryptoWatch is rounding up the top headlines in the cryptocurrency world this past week, with the end of Sam Bankman-Fried's controversial fraud trial as the headline.
After significant accounts from the founder of the failed FTX cryptocurrency exchange and his former colleagues at Alameda Research and FTX, Bankman-Fried was found guilty of all charges brought against him.
Last week's top cryptocurrency stories also included the UK's unveiling of the comprehensive regulatory framework for cryptocurrencies in the country, set to be approved in 2024.
(Photo: Technological Times)
Sam Bankman-Fried doesn't remember what he did at FTX
Just before Halloween, Sam Bankman-Fried faced a different kind of horror when he took the stand and watched a line of questioning from the U.S. Attorney's Office led by Assistant U.S. Attorney Danielle Sassoon, whom he claimed he couldn't remember.
In different questions throughout the cross-examination, the former CEO responded "I don't remember" or "I'm not sure" between the judge, the jury and everyone in court.
However, since Bankman-Fried did not recount the events that led to FTX's demise, the prosecution brought in the big guns, further harming the former CEO. focusing on receipts and evidence filed against him.
Here, the prosecution presented jurors with emails, tweets, and podcast clips that captured Bankman-Fried's various claims about the status of FTX, particularly with its access to the crypto exchange's customer funds.
(Photo: Michael M. Santiago/Getty Images)
Sam Bankman-Fried found guilty on all charges
The five-week criminal fraud trial between the United States and Sam Bankman-Fried concluded last week, with the former FTX CEO found guilty of all seven counts of fraud and money laundering filed against him on Thursday because he was believed to have committed the crimes of which he was accused.
Bankman-Fried was accused of diverting money from clients of the FTX exchange to his cryptocurrency hedge fund, Alameda Research, and using it to finance a lavish personal lifestyle and make political contributions.
He was found guilty of six counts of fraud and one of money laundering. Damian Williams of the U.S. Attorney's Office for the Southern District of New York issued a statement which confirmed the result of said jury deliberation after four hours.
Experts have assessed how much time Bankman-Fried will face after this verdict, and according to the CNBC report, she could be looking at up to 100 years behind bars.
UK Crypto Regulation Set for 2024
The United Kingdom unveiled its latest plans for its long-awaited comprehensive reform.regulatory framework for cryptocurrencies in the country, hoping to complete it and approve it into law by 2024.
The legislation focuses on fiat-backed stablecoins as the first step towards regulation, with the UK government hoping to introduce them early next year.
It is one of the first and most comprehensive sets of regulatory laws for everything related to cryptocurrencies in the UK, according to Treasury Secretary Andrew Griffith. claiming that it is satisfied with the final proposals presented by its owners.
With this upcoming regulation, the United Kingdom seeks to be the ideal destination of the future to establish a crypto business, focused on the expansion and growth of companies.
Related article: CryptoWatch: Sam Bankman-Fried Testifies Twice and Top Coins of the Week
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