Sam Bankman-Fried, the former CEO of FTX, has been found guilty of fraud and money laundering.

He is facing a potential maximum sentence of 110 years in prison.

 Prosecutors said that Bankman-Fried used customer funds to repay Alameda lenders, buy property and make investments and political donations.

Bankman-Fried said that the money transfers between his firms were "permissible" and that he was largely unaware of the financial hole.

The downfall of FTX left many customers unable to recover their funds.

 Bankman-Fried's trial was closely watched for its implications for the crypto industry as a whole.

He has been seen as a poster child for the problems in the sector, which top regulators in the US.

Former federal prosecutor Renato Mariotti said he expected US courts to continue to be the site of battles over the industry.