– Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, was sentenced to 25 years in prison by a federal judge in New York.
– He was convicted in November 2022 of fraud and money laundering charges related to the collapse of FTX in 2022.
– Prosecutors had asked for a sentence of 40-50 years, while Bankman-Fried’s lawyers asked for 5-6.5 years. The judge issued a 25 year sentence to disable Bankman-Fried for a significant period of time.
– Bankman-Fried expressed regret but acknowledged he would likely spend most of his life in prison.
– The charges related to Bankman-Fried using customer funds from FTX to prop up his trading firm Alameda Research, and taking $8 billion in funds without safeguarding them.
– The trial lasted one month, with Bankman-Fried found guilty on all 7 charges including fraud and money laundering. His former girlfriend and Alameda CEO also testified against him.
– Bankman-Fried now faces 25 years in prison for his role in the collapse of FTX which filed for bankruptcy in 2022.
Source: Engadget
