Sam Bankman-Fried, the former crypto king, has been convicted of a massive fraud that led to the collapse of his FTX exchange. The conviction comes after a month-long trial in which Bankman-Fried’s testimony was pitted against that of some of his closest friends.

Bankman-Fried was found guilty of seven counts of fraud and conspiracy by a jury in Manhattan. The verdict is a win for Manhattan US Attorney Damian Williams, who led the highest-profile criminal prosecution in the crypto world.

Bankman-Fried now faces as much as 20 years in prison on each of the most serious charges. The sentencing date has been set for March.

The collapse of FTX marks a spectacular fall for Bankman-Fried, who was once considered a rising star in the crypto industry. In early 2022, FTX was valued at $32 billion and Bankman-Fried enlisted the help of celebrities like Tom Brady, Larry David, and Steph Curry to promote the platform.

Manhattan US Attorney Damian Williams described Bankman-Fried’s actions as “one of the biggest financial frauds in American history” and characterized it as a “multibillion dollar scheme designed to make him the King of Crypto.”

Following the verdict, crypto markets experienced a dip, although the losses were contained. Some industry proponents view the conviction as a signal of the end of an era of risky and wrongful practices. They believe it could pave the way for a more regulated future and wider adoption of digital assets. However, others argue that the verdict highlights the weaknesses within the crypto sector, which attracts criminals, hackers, and rogue states.

Prosecutors alleged that Bankman-Fried directed FTX customer money to be transferred into Alameda Research, an affiliated hedge fund, for risky investments, political donations, and expensive real estate. Both FTX and Alameda Research collapsed into bankruptcy last year.

During the announcement of the verdict, Bankman-Fried stood in the courtroom and listened to the guilty verdicts, while his father, Joseph Bankman, expressed visible distress. Bankman-Fried was escorted out of the courtroom by marshals, showing no emotion as he glanced back briefly at his distraught parents.

The conviction of Sam Bankman-Fried serves as a cautionary tale for the crypto world and highlights the need for vigilance and regulation in the industry.