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Sam Bankman-Fried has been sentenced to 25 years in prison for orchestrating the $8 billion fraud scheme that precipitated the collapse of the cryptocurrency exchange FTX.
Following his conviction on seven counts of wire fraud and conspiracy in November 2023, the former billionaire entrepreneur received his sentence.
The eyes of the world were on Manhattan today, as markets waited for the final sentencing this afternoon of Sam Bankman-Fried, founder and ex-CEO of the former crypto exchange FTX.
The trial, taking place at Manhattan Federal Country, was presided over by the honorable Judge Lewis Kaplan.
Bankman-Fried guilty of defrauding FTX customers
Bankman-Fried has been found guilty of defrauding FTX customers of $8 billion to $10 billion, allegedly making illegal use of FTX clients’ funds to fund his expenses and projects. In total, he was found guilty of seven different charges, including fraud and conspiracy, toward the end of last year.
Awaiting trial, he has been detained in Metropolitan Detention Center in Brooklyn since August 2023.
Bankman-Fried faced two wildly different recommended sentences today: up to 50 years according to the prosecution, or as little as six years according to the defense.
Bankman-Fried addressed the court and the public directly before the sentence was revealed, saying:
I am sorry about what happened at every stage. And there are things I should’ve done and things I shouldn’t have… It haunts me every day.”
Unsurprisingly, social media has been alight with comments over Bankman-Fried’s fate, as well as opinions on how long he will get.
“He needs to go away for a long time,” said @PeyroniesCat on Reddit, while @coinfeeds-bot said that:
Bankman-Fried’s conviction in November 2023 for stealing customer funds has led to a proposed plan in bankruptcy court to repay former customers, though many are dissatisfied with missing out on the crypto market’s rebound. The case has raised questions about the appropriate punishment for white-collar crimes.”
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