Tech Times' CryptoWatch is rounding up the top headlines in the world of crypto last week, with the end of the controversial Sam Bankman-Fried fraud trial headlining.
After significant accounts from the founder of the failed cryptocurrency exchange FTX himself and his former Alameda Research and FTX colleagues, Bankman-Fried was found guilty of all the charges filed against him.
Last week's top crypto stories also included the United Kingdom's unveiling of the comprehensive regulatory framework for cryptocurrency in the country, set to pass by 2024.
Sam Bankman-Fried Can't Recall What He Did at FTX
Right before Halloween day, Sam Bankman-Fried was facing a different kind of horror as he was taking the stand and seeing a line of questioning from the US prosecution led by assistant attorney Danielle Sassoon, to which he claimed he could not recall.
In different questions throughout the cross-examination, the ex-CEO answered either "I can't recall" or "I'm not sure" among the judge, jury, and all present in court.
However, with Bankman-Fried's failure to recount the events that led to FTX's demise, the prosecution brought in the big guns, which nails the ex-CEO further, centering on receipts and evidence presented against him.
Here, the jurors were presented by the prosecution with emails, tweets, and podcast clips that captured Bankman-Fried's various claims regarding FTX's state, particularly with its access to customer funds from the crypto exchange.
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Sam Bankman-Fried Found Guilty on All Charges
The five weeks of US vs. Sam Bankman-Fried's criminal fraud trial concluded last week, with the FTX ex-CEO found guilty on all seven fraud and money laundering charges filed against him on Thursday as he was believed to have committed these crimes he was accused of.
Bankman-Fried was charged with siphoning customer money from the FTX exchange to his cryptocurrency hedge fund, Alameda Research, and used it to fund a lavish personal lifestyle and make political contributions.
He was found guilty of six counts of fraud and one for money laundering. Damian Williams of the US Attorney's Office of the Southern District of New York released a statement that confirmed the outcome of the said deliberation from the jury after four hours.
Experts have weighed in on how much time Bankman-Fried will face after this verdict, and according to CNBC's report, he could be looking at as much as 100 years behind bars.
UK's Cryptocurrency Regulation Set for 2024
The United Kingdom unveiled its latest plans for its long-awaited comprehensive regulatory framework for cryptocurrency in the country, expecting to complete and pass it as a law by 2024.
The legislation centers on the fiat-backed stablecoins as the first step towards regulation, with the UK government looking to introduce it early next year.
It is one of the earliest and most encompassing sets of regulatory laws for everything crypto in the UK, with Treasury Minister Andrew Griffith claiming that he is satisfied with the final proposals brought forth by its proprietors.
With this upcoming regulation, the UK is looking to be the future's ideal destination to establish a crypto business, centering on expansions and growth for companies.
