After a month-long trial, the founder of bankrupt crypto exchange FTX, Sam Bankman-Fried, was found guilty of seven counts of fraud and money laundering on Thursday.
Bankman-Fried — who maintains his innocence — was charged last year over allegations that he stole money from his customers at the FTX exchange to support his company, Alameda Research.
FTX was seen as one of the more reputable firms in the crypto world, and its founder was considered a Capitol Hill darling, having donated millions to political campaigns and helped write legislation around cryptocurrencies. This predictable end to this shocking story — which will have ripple effects across the cryptosphere — will likely be the nail in the coffin for the industry.
Despite the myriad of problems exposed by the FTX fiasco, cryptocurrency can't be counted out as a viable long-term investment. While it will take work to rebuild trust in the industry, it can be done with the help of oversight, as this case has renewed calls for more regulation of this "wild west" financial space.