Sam Bankman-Fried, who founded the FTX cryptocurrency exchange, was convicted on 2 November of all seven charges of fraud by a Manhattan jury after a US trial that lasted a month. 

His sentencing is set for 28 March 28, with a maximum possible term of 110 years. 

"Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history - a multibillion-dollar scheme designed to make him the king of crypto," US attorney Damian Williams said in a statement after the verdict.

"This case has always been about lying, cheating and stealing, and we have no patience for it," he added.

Bankman-Fried's lawyer Mark Cohen said: "We respect the jury's decision. But we are very disappointed with the result. Mr Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him," he added.

FTX collapsed last November, effectively erasing Bankman-Fried's estimated $26bn fortune.

He was arrested in the Bahamas in December 2022, after the island's regulator froze the assets of FTX Digital Markets , and later extradited to the US.

In early reaction, Amy Harvey, partner at law firm Ontier in London and a specialist in fraud and digital asset matters, said: "There are several interesting points about this trial and verdict.

"First this was treated primarily as a fraud case, not a crypto case. The prosecutors focussed on the fact that it was a multi-billion dollar fraud designed to make SBF the "king of crypto" - ultimately he took customer assets and lied about what he was going to do with them. It wouldn't have mattered if the case concerned cash or any other asset class (digital or otherwise), the long-standing laws and usual considerations in relation to fraud (in this case from a US perspective) applied. This is a critical lesson other crypto-providers should heed, regardless of the relative lack of regulation in the sector. No business owner or organisation is above the law. 

"Secondly, this case has been dealt with at impressive speed, given FTX only went bankrupt last November. Not only do we have the SBF verdict but a number of his so-called accomplices have also pleaded guilty. In addition, it has been reported that many FTX customers' assets have already been recovered via civil means which is impressive and should be reassuring to crypto-investors concerned about the future of the asset class. It shows what can be achieved when the political will is there.

"Lastly, the evidence heard in this trial has highlighted the fundamental importance of risk-management for crypto-businesses in the same way this is sound and expected business practice for other asset management firms who are custodians of customers' funds. Crypto-operators should ensure they double-down on this and governance procedures if they want to shore up confidence in the sector and protect the health of their business."