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Sam Bankman-Fried sentenced to 25 years in prison for cryptocurrency fraud

2024-03-28 19:16 by


Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors in his failed crypto exchange FTX, a Manhattan court ruled Thursday.

Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York issued the 25-year sentence at a hearing, finding that FTX customers had lost $8 billion. The judge increased the sentencing guidelines range for Bankman-Fried after finding that he had perjured himself during the trial and obstructed justice, and because total loss from FTX's fraud was more than $550 million. Kaplan said he "rejects the entirety of defendant's argument there was no loss" at FTX, calling the claim "misleading, logically flawed and speculative," CNBC reported.

"There is a risk that this man will be in position to do something very bad in the future," Judge Lewis Kaplan said before sentencing the 32-year-old and ordering him to pay $11 billion in forfeiture to the U.S. government.

The sentence marked the culmination of Bankman-Fried's plunge from an ultra-wealthy entrepreneur and major political donor to the biggest trophy to date in a crackdown by U.S. authorities on malfeasance in cryptocurrency markets. Bankman-Fried has vowed to appeal his conviction and sentence.

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