In the world of cryptocurrency, scams and frauds are hardly a surprise anymore. Thus, Sam Bankman-Fried, the founder of the FTX crypto exchange, found himself at the center of such a scandal. He was convicted by Manhattan Federal Court of an $8 billion fraud. After a month-long trial, it was established that the former billionaire misappropriated $8 billion from the exchange's clients. Notably, the legal proceedings are still ongoing. The district court is expected to pronounce its verdict on Bankman-Fried on March 28, 2024. Preliminary assessments suggest that he might face several years in prison. Bankman-Fried, however, denies any wrongdoing on all eight counts of the charges and asserts his intention to fight for his rights in court. The former FTX CEO was arrested in the Bahamas on December 12 last year, followed by a lawsuit filed by American authorities the next day. He was extradited on December 21 and taken to court from the airport on December 22. Subsequently, he was released on a record $250 million bail. However, since August 2023, he has been in jail after the district judge revoked his bail. It raises the question of whether the stolen funds were ever recovered. On November 11, 2022, FTX filed for bankruptcy in the US, citing a severe liquidity crisis. Amidst this turmoil, Bankman-Fried, whose net worth had exceeded $26.5 billion, resigned as the head of the company. FTX owed its clients $8 billion, and its management failed to find the means to maintain liquidity. The collapse of FTX triggered a downturn in the most popular digital currencies and was marked as the biggest bankruptcy in the crypto industry for the year 2022.