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The jury did not take long to convict on all seven criminal charges he faced, including two counts of fraud and five counts of conspiracy.

The jury in Manhattan took just over four hours on Thursday to decide the disgraced founder stole about $8 billion from customers on his cryptocurrency exchange.

The verdict came just about a year after FTX鈥檚 epic fall from grace rattled the markets and took Bankman-Fried from the wunderkind white knight that was crypto鈥檚 savior to a poster child for greed and hubris.

In total, the seven charges could bring a 115-year prison term, although legal experts have said Bankman-Fried, commonly known by his initials SBF, is unlikely to receive a sentence that long.

The big fall

FTX鈥檚 collapse is the greatest startup and investor failure of all time.听

For perspective, had raised about $1.3 billion in funding and had a $10 billion valuation at its peak before the walls came tumbling down on and .听

Bankman-Fried鈥檚 FTX crypto exchange and its U.S. counterpart 鈥� 鈥� had raised a combined $2.2 billion at a $32 billion valuation and $8 billion valuation, respectively, before everything fell apart.

FTX鈥檚 issues came into the public eye on Nov. 6, 2022, when CEO that Binance would sell its holdings of FTX鈥檚 native token, FTT. Zhao said the decision was due to 鈥渞ecent revelations that have came to light鈥� about the token.

Earlier that month, came out that Bankman-Fried鈥檚 trading firm had a large portion of FTT on its balance sheet, possibly helping prop up its value.

FTT prices dropped like a rock amid the controversy and FTX was thrown into disarray as withdrawals mounted.

Bankman-Fried then wound down his Alameda trading platform and was seeking investors for emergency funding to FTX as .

When none arrived, Bankman-Fried was exposed for the game he was playing with his customers and their money. FTX declared bankruptcy on Nov. 11, 2022.

Effects on venture investing

Investors in FTX include the likes of the , , Singapore鈥檚 , and .听

The exchange鈥檚 downfall has seemingly affected the crypto funding market.

From the start of 2022 to the day FTX declared bankruptcy, crypto startups had raised $14.7 billion in 1,382 different funding deals 鈥� which includes both FTX鈥檚 and FTX.US鈥檚 $400 million raises earlier in 2022 鈥� per data.

Since Nov. 11, crypto startups have raised about $3.8 billion in only 767 deals, .

The Bankman-Fried verdict may actually help the crypto sector. The saga, while not over, has recorded another important chapter. Also, the verdict shows there are consequences to malfeasances in an industry some saw as lawless.

While the FTX ordeal is a sad tale of聽 arrogance and greed, it may be an important turning point for the industry.

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Related reading:

• Regardless of SBF Verdict, Crypto And Venture Have Significantly Changed

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