- Sam Bankman-Fried has been sentenced to 25 years in jail.
- FTX imploded in November 2022, with clients shedding billions of {dollars} in belongings.
Sam Bankman-Fried, the founder and former CEO of collapsed crypto alternate FTX, has been sentenced to 25 years in jail.
FTX imploded and filed for chapter in November 2022. Sam Bankman-Fried has been in jail awaiting sentence since being discovered responsible of fraud final yr.
SBF will get 25 years in jail for fraud
US District Decide Lewis Kaplan despatched Bankman-Fried to jail for lower than what prosecutors had requested for. Nonetheless, the sentencing has delivered a well timed reminder to crypto bosses after the FTX demise reverberated throughout the business in 2022.
The sentencing on Thursday marks the top of one of many largest fraud associated instances on the planet, with 32-year previous Bankman-Fried on the middle. He was additionally ordered to forfeit greater than $11 billion in property.
BREAKING‼️ Disgraced FTX founder Sam Bankman-Fried has been sentenced to 25 years in jail
+Ordered forfeit greater than $11 billion pic.twitter.com/JwOtDYODFg
— Bitcoin Archive (@BTC_Archive) March 28, 2024
The previous FTX chief apologized for his actions briefly remarks earlier than the decide’s sentence. Nonetheless, his declare that FTX clients shall be made complete didn’t sit effectively with the decide.
“The defendant’s assertion that FTX clients and collectors shall be paid in full is deceptive, it’s logically flawed, it’s speculative,” Decide Kaplan famous.
