Sam Bankman-Fried, a prominent figure in the cryptocurrency world and the once-revered “Crypto King,” has been convicted of money laundering and fraud after a five-hour jury deliberation in Manhattan, New York. Bankman-Fried’s legal woes began last year when his crypto exchange firm, FTX, declared bankruptcy. FTX, previously valued at a staggering $32 billion, crumbled in November, leaving $8 billion in customer funds unaccounted for.

The jury found Bankman-Fried guilty on multiple charges, including deceiving investors and lenders and misappropriating billions from FTX, a sequence of events that played a role in the exchange’s…

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