Jurors have reached a verdict in Sam Bankman-Fried's fraud trial

Jurors in the criminal trial of former crypto king Sam Bankman-Fried have reached a verdict. Bankman-Fried, 31, faces seven counts of fraud and conspiracy and could spend the rest of his life in jail if found guilty of all charges.

Jurors have reached a verdict in Sam Bankman-Fried's fraud trial

In the last four weeks, twelve jurors in Manhattan's federal court and five alternates have listened to more than 60 hours worth of testimony on the rise and fall a multi-billion dollar crypto business empire.

Judge Lewis Kaplan gave instructions to the jury Thursday morning. He explained each of the seven charges against Bankman Fried before sending them off to deliberate.

Throughout the trial prosecutors told jurors that Bankman-Fried, 31, orchestrated an years-long fraud -- building up a "pyramid" of deceit -- that eventually crumbled after the market soured.

Bankman-Fried pleaded no contest to seven federal charges of fraud and conspiracies, and has told anyone who will listen about the events which led to both companies' bankruptcy. He claims that the mistakes that led to the bankruptcy of FTX, and Alameda, were innocent - the type of sloppy mistakes that are common among startups.

According to his testimony, the most serious error was that he did not hire a risk management team.

Bankman-Fried admitted to making a few small and some larger mistakes on the witness stand. The biggest mistake we made was not having a risk management team. We didn't even have a chief risks officer.

Danielle Sassoon, an Assistant US Attorney, described this as a strategic decision rather than a mistake.

She said, 'When you embezzle customer money, you are not going to hire an officer of risk'.

Mark Cohen, the lead defense attorney, told the jury the portrayal by the government of his client was incorrect. Cohen told the jury that Bankman-Fried did make mistakes but never defrauded anybody.

Cohen stated that 'in the real world, unlike in the movies, things can be messy'. Poor risk management isn't a crime.