FTX founder Sam Bankman-Fried was found guilty on Thursday of fraud charges in a scheme that defrauded customers and investors of at least $10 billion. The verdict, delivered after a month-long trial in Manhattan federal court, leaves the once high-flying cryptocurrency entrepreneur facing the possibility of spending decades behind bars.

The jury, after deliberating for just over four hours, rejected Bankman-Fried’s claims of innocence. The charges against him included securities fraud, wire fraud, and money laundering, all stemming from an elaborate scheme that led to the collapse of FTX, once the world’s second-largest cryptocurrency exchange, about a year ago.

Bankman-Fried, who had previously testified before Congress and even entertained aspirations of a future presidential run, faced a stern Judge Lewis Kaplan in the courtroom. The judge emphasized decorum before the verdict was announced.

“We will have decorum in the courtroom when the verdict is announced,” Judge Kaplan stated.

Following the verdict, Bankman-Fried’s lawyer, Mark Cohen, expressed disappointment while maintaining his client’s innocence. “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,” Cohen said in a statement.

The trial painted a picture of an intentional and elaborate fraud orchestrated by Bankman-Fried and his associates. Witnesses, including former FTX executives, testified to Bankman-Fried’s involvement in fraudulent activities. One of the key revelations came from FTX co-founder Gary Wang, who admitted to wire fraud, securities fraud, and commodities fraud, implicating Bankman-Fried in the process. Another witness, former FTX executive Ellison, tearfully described Bankman-Fried’s pursuit of power and influence, which ultimately led to the collapse of the cryptocurrency empire.

Bankman-Fried stepped down from his role at FTX in November 2022, coinciding with the rapid decline of the company’s fortunes, culminating in its bankruptcy. The prosecution argued that Bankman-Fried’s actions were not the result of naivety but a deliberate attempt to defraud investors.

Throughout the trial, prosecutors used Bankman-Fried’s public statements, online announcements, and even his Congressional testimony against him. They demonstrated how he assured customers of the safety of their deposits, even as FTX faced mounting challenges. His statements, made as late as November 7, were contradicted by the subsequent collapse and bankruptcy of FTX.

Bankman-Fried’s legal team indicated plans to appeal the decision, ensuring that the legal battle is far from over. As the cryptocurrency industry grapples with increased regulation and scrutiny, this high-profile case serves as a stark reminder of the potential consequences for those found guilty of financial misconduct in the evolving digital landscape.