FTX founder Sam Bankman-Fried sentenced by the judge to 25 years in prison

Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, has been convicted to 25 years in prison by a New York judge for orchestrating an $8 billion theft from FTX customers.

The sentencing, handed down by U.S. District Judge Lewis Kaplan, comes after Bankman-Fried was found guilty of seven counts of fraud and conspiracy related to the 2022 collapse of FTX. Judge Kaplan rejected Bankman-Fried’s claims that customers did not receive money had lost and accused him of lying during the trial.

During the sentencing hearing, Bankman-Fried attempted to express remorse for the losses suffered by FTX customers. proverb he is ‘sorry for what happened’. However, Judge Kaplan emphasized the seriousness of the crime, stating that FTX clients lost $8 billion, stock investors lost $1.7 billion and lenders to Bankman-Fried’s hedge fund lost $1.3 billion.

The judge also criticized Bankman-Fried’s dishonesty during the trial, especially regarding his knowledge of embezzling client funds. Federal prosecutors had sought a much longer sentence, highlighting the scale and impact of the financial fraud.

Bankman-Fried’s meteoric rise in the cryptocurrency industry collapsed when FTX’s elaborate embezzlement scheme was exposed, with his fraudulent actions leading to significant losses for investors and customers. Many believe that this 25-year prison sentence is unjust, Judge Kaplan said said today before the official ruling: “I have limited my findings on obstruction to support the finding – there may be more. The total violation level is 60 – once you exceed 43, it cannot go higher. The guideline is lifelong. But the maximum in this case is 1320 months.”

Renowned whistleblower and cybersecurity expert Edward Snowden responded to the news: to report “God damn it, he gave him less than Chelsea Manning (age 35) for a much worse crime.”

The FTX founder was also the Democratic party’s second-largest individual donor in the 2021/2022 election cycle.to donate over $39,800,000).

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