Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, was found guilty of defrauding FTX customers. He is accused of stealing about $10 billion from customers and using their funds to make risky investments, buy property, and fund political campaigns. Bankman-Fried's conviction is a major victory for the US government and a significant setback for the crypto community. It is likely to lead to increased regulatory scrutiny of the industry. Bankman-Fried faces up to 110 years in prison.