Former crypto mogul Sam Bankman-Fried sentenced to 25 years in prison

Bankman-Fried, 32, sentenced for stealing $8bn from customers of the FTX cryptocurrency exchange he founded.

Sam Bankman-Fried outside the Manhattan federal court in New York City on March 30, 2023 [File: Amanda Perobelli/Reuters]Published On 28 Mar 202428 Mar 2024

Former crypto tycoon Sam Bankman-Fried has been sentenced to 25 years in United States federal prison for stealing $8bn from customers of the now-bankrupt FTX cryptocurrency exchange he founded.

US District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing on Thursday after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and accusing him of lying during his trial testimony.

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A jury found Bankman-Fried, 32, guilty on November 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in US history.

“He knew it was wrong,” Kaplan said of Bankman-Fried before handing down the sentence. “He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right.”

Bankman-Fried stood with his hands clasped before him as Kaplan read the sentence.

Kaplan said the sentence reflected “that there is a risk that this man will be in position to do something very bad in the future. And it’s not a trivial risk at all.”

Prior to sentencing, Bankman-Fried had said: “My useful life is probably over. It’s been over for a while now, from before my arrest.”

Source: Al Jazeera and news agencies