FTX Founder Sam Bankman-Fried Sentenced to 25 Years

FTX Founder Sam Bankman-Fried Sentenced to 25 Years/AP

VoM News Desk | March 28, 2024 | 10:30 PM IST | Breaking News | Follow on Google News

FTX Founder Sam Bankman-Fried Sentenced to 25 Years

FTX Founder Sam Bankman-Fried Sentenced to 25 Years

US District Judge Lewis Kaplan handed down a 25-year prison sentence to Sam Bankman-Fried, the founder of cryptocurrency exchange FTX. Bankman-Fried was found guilty on seven fraud and conspiracy counts related to FTX’s collapse, which prosecutors termed as one of the largest financial frauds in US history.

Bankman-Fried, 32, faced accusations of stealing $8 billion from FTX customers, leading to significant losses for investors and lenders. Despite his claims of innocence and vows to appeal, Judge Kaplan found him guilty, emphasizing his lack of remorse during the trial.

The sentencing comes after a tumultuous period for FTX, once a prominent platform for trading digital currency, now bankrupt due to the alleged fraudulent activities of its founder.

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