FTX Trial Fuels Frustration and Anger For Traders Who Lost Money (1)

For crypto traders who had money on FTX when the platform collapsed last year, Sam Bankman-Fried’s trial was a morass of anger and disbelief.

A jury in Manhattan convicted Bankman-Fried, 31, of seven counts of fraud and conspiracy on Thursday, after less than five hours of deliberations. That swift verdict marked the end of a month-long trial, and the disgraced co-founder faces as much as 20 years in prison on each of the most serious charges.

Bankman-Fried’s turn on the witness stand was particularly infuriating for his former customers. In response to questions from Assistant US Attorney Danielle Sassoon, he often said he couldn’t recall details about how the ...