Sam Bankman-Fried was sentenced to 25 years in prison

The king of cryptocurrencies sentenced to 25 years in prison for embezzling $8 billion from customers of the FTX exchange.

sam bankman fried ftx

Just 18 months ago, Sam Bankman-Fried was the king of cryptocurrency and one of the youngest billionaires on the planet. He managed to bankrupt her of FTX in one night and was found guilty of embezzlement.

Thus, Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX was convicted of stealing billions of dollars from his clients and sentenced to 25 years in prison, closing a chapter that disrupted the crypto industry and became a cautionary tale for those consumed by greed.

The maximum sentence Bankman-Fried faced was 110 years, federal prosecutors had asked for 50 years, and attorneys of 6,5 years. The court found him guilty for fraud, conspiracy and money laundering and sentenced him to 25 years.

“He knew it was wrong. He knew it was criminal,” Judge Kaplan said of Bankman-Fried's actions. He was also ordered to seize about $11 billion of his assets. The Best Technology Site in Greecefgns

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Sam Bankman Fried

Written by Dimitris

Dimitris hates on Mondays .....

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