Sam Bankman-Fried, founder and former CEO of the FTX cryptocurrency exchange and Alameda Research trading company, was found guilty of large-scale fraud and money laundering. The decision was reported by TechCrunch.

A US jury found the former billionaire guilty on all seven charges. Six of them are related to fraud and one to money laundering.

In view of this, the defendant may be sentenced to 115 years in prison. However, the verdict will be announced later.

Sam Bankman-Fried was accused of stealing billions of dollars of FTX clients’ funds to cover the losses of his cryptocurrency-focused hedge fund Alameda Research. During the trial, he stated that he did not deceive FTX clients and did not take their funds, but that Alameda “borrowed” money from the exchange.

As a reminder, the former billionaire took advantage of the cryptocurrency boom to amass a fortune estimated at $26 billion. The collapse of FTX in November 2022 after a flurry of customer withdrawals wiped out its fortunes and tarnished its reputation.