The court sentenced FTX founder Sam Bankman-Fried to 25 years in prison. He was convicted of fraud, criminal conspiracy and theft of $8.9 billion. The sentence turned out to be “light”: the prosecution asked to send Bankman-Fried to prison for 50 years.
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A federal court in New York sent the founder and CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, to prison for 25 years. CNBC reported the court’s verdict.
The defendant’s defense requested a sentence of 6.5 years in prison, the prosecution insisted on 50 years. On all charges, Sam Bankman-Fried could have been sentenced to 110 years in prison.
In November 2023, the FTX founder was found guilty on all charges: fraud, criminal conspiracy, and theft of $8.9 billion.
On November 11, 2022, the FTX crypto exchange filed for bankruptcy. On the same day, FTX founder Sam Bankman-Fried resigned as CEO of the exchange. A month later, he was detained in the Bahamas after receiving an official request from US authorities to file criminal charges against him there.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
