Bankman-Fried – who pleaded not guilty to two counts of fraud and five of conspiracy – clasped his hands together as the verdict was delivered.
He admitted “mistakes” in running FTX when he testified last week, but denied stealing at least $10bn of his customers’ money.
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Prosecutors claimed he used the funds for risky bets at his hedge fund Alameda Research – with a huge financial black hole emerging when crypto markets fell sharply.
FTX abruptly halted withdrawals last November and crypto’s second-largest exchange – with more than a million customers – went bankrupt.
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Image: FTX allowed people to buy crypto and charged a fee for each transaction
Bankman-Fried’s fall from grace has seen him compared to well-known financial fraudsters Bernie Madoff and ‘Wolf of Wall Street’ Jordan Belfort.
“He didn’t bargain for his three loyal deputies taking that stand and telling you the truth: that he was the one with the plan, the motive and the greed to raid FTX customer deposits – billions and billions of dollars – to give himself money, power, influence,” prosecutor Danielle Sassoon told the jury.
“He thought the rules did not apply to him. He thought that he could get away with it.”
Bankman-Fried built ‘pyramid of deceit’
He was the mop-haired, cargo short-wearing darling of the crypto world.
Sam Bankman-Fried build the FTX cryptocurrency exchange into a business valued at $32bn.
There were flash TV ads featuring basketball icon Steph Curry and actor Larry David. Tennis star Naomi Osaka wore FTX branded gear and the company logo adorned the stadium of the Miami Heat.
FTX was huge and Sam Bankman-Fried rode high on excess.
Home was a $35m property in the Bahamas, a place where he knew the neighbours – FTX spent $300m buying up vacation properties on the island nation for company staff.
But it was success built on fraudulent foundations.
In the words of the prosecution, Bankman-Fried built a “pyramid of deceit” and treated FTX as his own personal piggy bank, defrauding customers out of more than $10bn.
The consequences of his arrest have since reverberated through the crypto world – other firms have collapsed and there has been a tightening in regulation.
Bankman-Fried’s defence lawyers argued that the 31-year-old was simply a “math nerd” who never set out to break the law and was a victim of circumstances beyond his control.
He is the math nerd who can count on a lengthy stay in prison.
Alameda’s former CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh pleaded guilty and gave evidence against Bankman-Fried last month.
They said he told them to help Alameda loot funds from FTX and lie to lenders and investors.
The defence claimed the trio had falsely implicated him to get a lighter sentence, but after their testimony Bankman-Fried took the calculated risk to give evidence.
He admitted making a mistake by not having a dedicated risk management team, but claimed he thought Alameda’s borrowing from FTX was allowed.
He told the jury he did not realise how big the debts had become until just before both firms collapsed.
Image: Former Alameda CEO Caroline Ellison (centre) gave evidence against him
The son of Stanford law professors, and an MIT graduate himself, Bankman-Fried was known for his distinctive curly hair and casual dress – as well as mixing with celebrities.
Emergency crews in Israel are battling a wildfire that sent smoke drifting over Jerusalem and forced drivers to run from their cars.
About 5,000 acres (20 square kilometres) have been scorched since the blaze started in the hills outside the city on Wednesday.
The ambulance service said at least 12 people had been treated in hospital, mainly for smoke inhalation, but the fire service said “miraculously” no homes had been damaged.
Ten firefighting planes were dropping fire retardant material on Thursday and authorities said eight more were due to arrive.
Image: Pic: Reuters
Image: The fire is now said to be mostly contained. Pic: Reuters
Spain, Italy, France, Croatia, Ukraine and Romania are among those sending aircraft.
People celebrating Israel‘s independence day on Thursday were advised to be exceptionally careful if holding barbecues and told to avoid forests and parks.
Most official celebrations were cancelled as security forces were diverted to the fire effort.
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The blaze is the most significant the country has seen in the past decade, according to Tal Volvovitch, from the fire and rescue authority.
However, an evacuation order for about 12 towns near Jerusalem has been lifted and the main highway linking Jerusalem to Tel Aviv also reopened on Thursday.
A day earlier, drivers had to abandoned their vehicles when flames encroached on the road.
Image: Pic: Reuters
Firefighting is continuing but the blaze has now been mostly contained, said the Jewish National Fund, which manages forests in the country.
It said conditions had been perfect for fires to spread – hot and dry, little rain over winter, and strong, shifting winds.
“Of course when there’s a series of drought years, it’s a fertile ground for fires,” said the fund’s Anat Gold, adding that climate change was the likely cause.
It strengthens ties between Ukraine and the US which have been fraying to the point of disintegration.
But will it increase the chances of a diplomatic breakthrough to find peace? Possibly not. Without that, this agreement will have changed little in this pointless grinding war.
But it does give Donald Trump a personal political investment in a conflict he has always seemed to have regarded as someone else’s fault, someone else’s problem and a money pit for US resources.
On the face of it, it is a purely economic agreement.
Ukraine had wanted to tie in explicit guarantees of continuing US military support. The details are scant but they appear to be absent.
But reaching agreement is a considerable diplomatic achievement on both sides.
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3:49
Trump and Zelenskyy – it’s complicated?
The idea of a minerals deal was initially proposed by President Zelenskyy but at times he must have regretted it as acrimonious talks threatened to torpedo US support for Ukraine entirely.
It was meant to have been signed in February before the infamous Zelenskyy-Trump-Vance bust up in the Oval Office.
At one point it looked like an act of extortion. Like gangsters running a protection racket, the US seemed to be demanding all Ukraine’s mineral wealth in return for continued support.
But the terms now look less onerous. Most importantly it seems the Trump administration is not asking retrospectively for the return of billions given by the Biden administration, by means of this minerals extraction agreement.
The turning point in negotiations appears to have been the meeting engineered between Mr Trump and Mr Zelenskyy on the sidelines of the Pope’s funeral in Rome on Saturday. Mr Zelenskyy appears to have persuaded Mr Trump it was a deal worth signing.
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10:47
From February: Watch Trump and Zelenskyy clash
The terms are vague and not detailed but the agreement appears to be more of a long term proposal for joint cooperation over Ukraine’s economic future.
America will invest in exploiting Ukraine’s mineral wealth but also share the profits years down the line.
The signing comes at a crucial time for Ukraine. Its forces are losing ground on the battlefield. And Mr Trump’s efforts to broker peace look decidedly one-sided against them.
Falling in line on this deal was essential for Ukrainians. Whether it saves them from President Trump walking away and ending military support for them anyway, is by no means certain.
It was a welcome party of sorts, and it was assembled near arrivals at Heathrow’s Terminal 5.
A few people clutched flowers, others brought presents, while everyone carried a sense of relief.
Two children from Gaza had been given permission to enter Britain for specialist medical care and the pair would arrive on the evening flight from Cairo.
It was a significant moment – the first time UK visas had been granted to children from this war-ravaged enclave – and the product of months of struggle by a small group of British volunteers.
Image: Ghena Abed, five, needs urgent treatment to save the vision in her left eye
As those in attendance offered up a cheer, a five-year-old called Ghena Abed emerged shyly from behind the security gates. With fluid pressing on her optic nerve, she needs urgent treatment to save the vision in her left eye.
Also in this party was a 12-year-old girl called Rama Qudiah. She is weak and malnourished and suffers from incontinence. Medics think she requires an operation on her bowel.
Image: Medics think Rama Qudiah, 12, needs a bowel operation
Her mother, Rana, told us their arrival in Britian “is just a like a dream”.
Her daughter has certainly been fortunate. A small number of children from Gaza have benefited from medical evacuations, with the majority receiving care in countries in the Middle East, Europe, as well as the United States.
Image: Rama’s mother, Rana
In March, the Israelis signed a deal with Jordan which could allow 2,000 children to leave the enclave for treatment of war injuries and conditions like cancer. However, just 29 were allowed to go at first instance.
The process has not been easy
Until now, not a single child from Gaza has entered the UK for medical care since the start of the current conflict, and the process has not been an easy one for the volunteers at Project Pure Hope.
They told Sky News it has taken 17 months to arrange temporary visas for Ghena and Rama.
Image: Dr Farzana Rahman from Project Pure Hope
“A lot of us are health care workers and I think it’s in our DNA that when we see people who are suffering, particularly children, we want to try and do something and that’s what motivated us,” says Dr Farzana Rahman from Project Pure Hope.
When asked why she thinks it has taken so much time to secure their visas, Dr Rahman said: “I don’t know.”
Group argues it has no time to lose to help other children
But it is clear the arrival of children from Gaza is an issue of sensitivity. The British volunteers told us on a number of occasions that all costs would be met by private sources. The children will return to Gaza when the treatment is completed.
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Project Pure Hope is not finished, however – group members have drawn up a list of other children they can help, and argue they have no time to lose.
“One of the hardest parts of trying to make progress in this area is that delays cost lives. A number of children have died who we haven’t been able to help and this is an urgent situation and I think for all of us that’s the hardest part,” says Dr Rahman.