Sam Bankman-Fried Sentenced to 25 Years in Prison for Stealing Billions from FTX Customers
Sam Bankman-Fried, a disgraced crypto entrepreneur, has been sentenced to 25 years in prison for stealing billions of dollars from his customers.
Formerly the chief executive of FTX, the company went bankrupt in November 2022, leaving millions of users unable to access their accounts or make withdrawals.
Bankman-Fried, 32, faced the possibility of a 100-year prison term, but his lawyers argued for a more lenient five-year sentence, which was ultimately rejected in favor of 25 years.
Prosecutors had requested a 40-50 year sentence, citing the need to protect the public and deter other criminals.
During the trial, evidence revealed secret back doors that allowed Bankman-Fried’s other company, Alameda Research, to access FTX customer funds without their knowledge and make risky investments.
Despite claiming ignorance of these actions, Bankman-Fried was found guilty of fraud and conspiracy charges.
The judge criticized Bankman-Fried’s promise to repay victims in full as “misleading and logically flawed,” likening it to a thief using stolen money to gamble in Las Vegas and then attempting to repay the stolen amount with winnings.
The financial fraud perpetrated by Bankman-Fried through FTX resulted in a $10 billion black hole in the company’s finances, leaving 80,000 victims, many in the UK, without access to their funds.
Prosecutors labeled the crimes as one of the largest financial frauds in US history.
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