Looking back, 2023 will likely be remembered as the year of the fallen crypto bro.
Ultimately, Bankman-Fried's former FTX/Alameda Research partners, including his ex-girlfriend Caroline Ellison, testified against him.
Bankman-Fried now faces a maximum sentence of 110 years.
His exact sentence is scheduled to be determined by a US district judge in March 2024, Reuters reported.
That's why it was a huge deal when Binance was rocked by its own scandal in 2023 that ended in its founder and CEO, Zhao, admitting to money laundering and resigning.
Arguably Zhao's fall from grace may have been more shocking to cryptocurrency fans than Bankman-Fried's.
Zhao launched Binance in 2017 and the next year was featured on the cover of Forbes' first list of the wealthiest people in crypto.
2023 put an abrupt end to Zhao's reign at Binance.
In March, the Commodity Futures Trading Commission sued Binance and Zhao over suspected money laundering and sanctions violations, triggering a Securities and Exchange Commission lawsuit in June and a Department of Justice probe.
On the social media platform X, Zhao wrote that after stepping down as Binance's CEO, he will be taking a break and likely never helming a startup ever again.
This Cyber News was published on packetstormsecurity.com. Publication date: Fri, 22 Dec 2023 14:43:17 +0000