After 15 days of trial and about four and a half hours of jury deliberations, Sam Bankman-Fried, the founder of crypto exchange FTX, was found guilty on seven counts of fraud and conspiracy in connection to the exchange’s collapse.

The verdict was delivered on Thursday, leaving Bankman-Fried with a somber demeanor as he faced the outcome.

The jury’s verdict came after a yearlong saga that began with FTX’s collapse and led to one of the most significant white-collar crime cases in recent years.

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FTX, once a trusted name in the crypto industry, entered bankruptcy in November 2022, sparking concerns and potential losses for around one million customers.

Bankman-Fried’s guilty verdict is a significant development in the largely unregulated crypto market, which has been under increased scrutiny from regulators and investors.

The sentencing hearing is scheduled for March 28, 2024, and the trial on five additional charges is set for March. Bankman-Fried’s legal troubles are far from over, as he awaits further proceedings in the case.

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During the trial, Bankman-Fried’s defense strategy included testifying in his own defense, a high-stakes decision for a defendant with no remaining allies to counter prosecution witnesses who had once been close confidantes.