Prosecutor’s Stern ‘Warning’ To Crypto Fraudsters After Sam Bankman-Fried’s Conviction: ‘Handcuffs For All’
By Benzinga
Following the conviction of Sam Bankman-Fried, U.S. Attorney Damian Williams has issued a stern warning to crypto fraudsters, promising “handcuffs for all.”
According to a CoinDesk report, Williams, the U.S. Attorney for the Southern District of New York, made the statement on Thursday at the courthouse entrance after the conviction of Bankman-Fried on all seven counts of fraud and conspiracy.
Bankman-Fried, the former CEO of FTX, was found guilty following a five-week trial. This verdict comes a year after CoinDesk published a story based on the private balance sheet of Alameda Research, Bankman-Fried’s trading firm, sparking a series of events leading to FTX’s bankruptcy and revelations of billions in customer cash being taken by Alameda.
Williams’ district is set to prosecute more high-profile financial frauds in the crypto world. Next month, Avraham Eisenberg, accused of stealing over $100 million in crypto from a decentralized exchange, is scheduled to stand trial.
The government’s success in prosecuting Bankman-Fried came from emphasizing a straightforward narrative of traditional fraud while avoiding complex crypto concepts. This might not be possible in upcoming cases inherently tied to intricate crypto concepts. However, Williams’ statement suggests the Southern District of New York is prepared to tackle more complex cases.
“This is what relentless looks like,” Williams concluded.
Photo by Cointelegraph on Wikimedia
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