On Thursday, former FTX CEO and founder Sam Bankman-Fried was sentenced to 25 years in prison for fraud. This comes after the collapse of FTX in November 2022, which caused billions of dollars in losses for customers.
Bankman-Fried, who had been waiting for his sentence since being found guilty of fraud in 2013, was handed a 25-year prison sentence by US District Judge Lewis Kaplan. While this was less than what the prosecutors had requested, it serves as a reminder for crypto bosses in light of the FTX collapse.
Sentenced for Fraud
The sentencing marks the end of a major fraud case that involved a 32-year old man who was at the center of the FTX collapse. Bankman-Fried was also issued a forfeiture order of over $11 billion.
BREAKING‼️ Disgraced FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison
+Ordered More than $11 billion in lost revenue pic.twitter.com/JwOtDYODFg
— Bitcoin Archive (@BTC_Archive) March 28, 2024
In a brief statement before the judge’s sentence, Bankman-Fried apologized for his actions and claimed that FTX clients will be compensated. However, the judge was not convinced and noted that his claim was misleading, logically flawed, and speculative.
