FTX Founder Bankman-Fried Guilty of Fraud, Crypto Industry Feels Vindicated
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Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, was found guilty yesterday of fraud and conspiracy.
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The verdict brings relief to the crypto industry, which felt unfairly tainted by FTX's crimes.
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Former FTX customers celebrated the verdict, hoping for a lengthy prison sentence.
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Some say the fraud should be treated as ordinary financial crimes, not used to condemn crypto.
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The conditions that allowed Bankman-Fried to gain stature remain, so similar frauds may occur.