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Sam Bankman-Fried sentenced to 25 years in prison in multi-billion dollar FTX crypto fraud

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Sam Bankman-Fried, founder of the now-bankrupt cryptocurrency exchange FTX, was sentenced to 25 years in prison on Thursday for stealing US$8 billion from his customers.

The judge rejected Bankman-Fried’s claim that FTX customers hadn’t actually lost money and accused him of lying during his trial testimony.
The 32-year-old was found guilty on Nov. 2 on seven fraud and conspiracy counts stemming from the 2022 collapse of FTX, in what prosecutors have called one of the biggest financial fraud’s in U.S. history.

As Anne Gaviola, this is the latest step in the billionaire wunderkind’s dramatic downfall.

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Category
U.S. & Canada
Tags
global news, Sam Bankman-Fried, Sam Bankman-Fried sentenced
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