The disgraced crypto mogul “perpetrated one of the biggest financial frauds in American history,” said Damian Williams, U.S. attorney for the Southern District of New York, after the verdicts were read late Thursday. Bankman-Fried faces a maximum sentence of 115 years in prison for crimes that include stealing from customers at his now-bankrupt crypto platform. (CNBC)

Talking point: What does the verdict mean for crypto? Maybe not much. Silicon Valley reacted to the trial with a yawn. Crypto prices remain in a prolonged bear market, but the collapse of FTX last year hasn’t proven the death knell for the industry that many predicted. The price of Bitcoin more than doubled in 2023, dipping only slightly as the trial drew to a close. Big name financial players—such as Toronto Stock Exchange owner TMX Group—are still considering crypto moves, despite the black eyes for institutional investors that piled into the sector during the 2021 bull market. Dan Madge, a spokesperson for the Ontario Teachers’ Pension Plan, which wrote down the entire value of its US$95-million investment into FTX, declined to comment.