Cryptocurrency | Crypto currency | Crypto | Bitcoin News

Bankman-Fried sentenced to 25 years in prison


  • Sam Bankman-Fried has been sentenced to 25 years in prison. 
  • FTX imploded in November 2022, with customers losing billions of dollars in assets.

Sam Bankman-Fried, the founder and former CEO of collapsed crypto exchange FTX, has been sentenced to 25 years in prison. 

FTX imploded and filed for bankruptcy in November 2022. Sam Bankman-Fried has been in jail awaiting sentence since being found guilty of fraud last year.

SBF gets 25 years in prison for fraud

US District Judge Lewis Kaplan sent Bankman-Fried to prison for less than what prosecutors had asked for. However, the sentencing has delivered a timely reminder to crypto bosses after the FTX demise reverberated across the industry in 2022.

The sentencing on Thursday marks the end of one of the biggest fraud related cases in the world, with 32-year old Bankman-Fried at the center. He was also ordered to forfeit more than $11 billion in property. 

The former FTX chief apologized for his actions in brief remarks before the judge’s sentence. However, his claim that FTX customers will be made whole did not sit well with the judge.

The defendant’s assertion that FTX customers and creditors will be paid in full is misleading, it is logically flawed, it is speculative,” Judge Kaplan noted.

Source link

Leave A Reply

Your email address will not be published.