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FTX customers who lost a staggering total of $16 billion when the crypto exchange collapsed could recover their losses, although the IRS is claiming it is owed $44 billion from the firm.
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Sam Bankman-Fried, the founder and former CEO of crypto exchange FTX, was found guilty by a jury on seven counts including fraud and money laundering after a month-long trial.
While former FTX chief Sam Bankman-Fried was on trial, the native token he created saw a two-week gain of 12%. The cryptocurrency currently stands at $1.18 at the time of writing, with a 24-hour trading volume of $32 million.
Experts say the coin likely has no long-term value, but it could prove lucrative for professional traders who can quickly flip it.
Sam Bankman-Fried gambled with a cryptocurrency scam and lost. His guilty verdicts make the rest of us into winners.