Image Credit: Cointelegraph
Sam Bankman-Fried, the once-prominent figure in the cryptocurrency world and founder of FTX, has been sentenced to 25 years in prison for his involvement in fraud and money laundering that led to the collapse of his exchange.
The sentencing marks one of the longest for a white-collar defendant in the US. Bankman-Fried, who was found guilty on seven counts, including tampering with a witness and lying during trial, expressed regret for his actions but maintained that FTX could have recovered from its liquidity crisis. Prosecutors argued that he orchestrated one of the largest financial frauds in history, stealing over $8 billion from customers.
Despite Bankman-Fried's plea for a shorter sentence, the judge emphasized the severity of his crimes and the significant losses incurred by investors and customers. Bankman-Fried's lawyers plan to appeal the verdict and sentence, which includes an order to forfeit $11 billion.
