In December, Sam Bankman-Fried, the former CEO of FTX, was arrested on charges of fraud and conspiracy for deceiving investors and lenders and redirecting funds. Following a five-week trial starting in October, twelve New Yorkers unanimously found SBF guilty on seven counts of wire fraud and conspiracy.

Facing a potential sentence of up to 115 years, Bankman-Fried's tentative sentencing date is March 28, 2024. US Attorney Damian Williams labeled SBF responsible for one of the largest financial frauds in US history, vowing zero tolerance for such scams. Defense attorney Mark Cohen intends to challenge the allegations against Bankman-Fried, holding the decision in high regard.

Once hailed as a prominent entrepreneur at 31, Sam now faces potential life imprisonment as FTX enters bankruptcy proceedings. Reports suggest approximately $8 billion in theft, allegedly used for illicit investments and purchases including real estate and venture capital.

Despite arguing Sam's status as an overworked businessman and admitting to oversights and mistakes, his case is compounded by guilty pleas from FTX and Almeda Research executives like Gary Wang, Nishad Singh, and Caroline Ellison. Former employees testified to Sam's direct involvement in FTX operations.

Bankman-Fried maintains he entrusted carefully chosen subordinates to run the business securely while publicly representing the company and advocating for legislation. FTX's bankruptcy significantly impacted the crypto market, contributing to the crypto winter, yet Bitcoin and Ethereum show signs of recovery, with Bitcoin around $34,513.07 and Ethereum approximately $1,800.22.

FTX and Sam Bankman-Fried await their sentencing date amid a potential resurgence in the crypto market.