Sam Bankman-Fried, Co-founder of cryptocurrency platform FTX, receives a 25-year prison sentence.

In a shocking turn of events, Sam Bankman-Fried, the co-founder of cryptocurrency exchange FTX, has been sentenced to 25 years in federal prison for defrauding and stealing billions of dollars from clients of the platform. The sentence was handed down by US District Judge Lewis A. Kaplan in federal court in Manhattan. Despite Bankman-Fried’s insistence that he regrets his actions and that he was not responsible for the collapse of FTX, Judge Kaplan found him guilty last year of seven crimes, including fraud and conspiracy.

During the trial, prosecutors accused Bankman-Fried of diverting billions of dollars from FTX to its sister hedge fund, Alameda Research, for speculative investments and political donations. When faced with market volatility in 2022, lenders began asking for their money back, and Bankman-Fried used FTX client funds to pay them back. However, an avalanche of customer withdrawals culminated in FTX filing for bankruptcy in November 2022 and Bankman-Fried resigning as CEO.

Despite his claims of remorse for what happened at FTX, Judge Kaplan dismissed Bankman-Fried’s statement during the trial. The judge believed that Bankman-Fried was not truly sorry about what happened and instead focused on the seriousness of the crime. “There is a risk that this man will be in a position to do something very bad in the future,” said Judge Kaplan. With this conviction behind him and the possibility of up to 110 years behind bars, it seems like Sam Bankman-Fried’s days as a successful entrepreneur may be over.

By Sophia Gonzalez

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