Latest Trending News

Cryptocurrency Exchange Founder Sam Bankman-Fried Sentenced to 25 Years for Massive Fraud

Manhattan: In a landmark verdict that reverberated through the financial world, former billionaire and cryptocurrency trailblazer Sam Bankman-Fried was sentenced to 25 years in prison by US District Judge Lewis Kaplan on Thursday. The sentencing marked the culmination of a sensational downfall for the erstwhile wunderkind, who faced charges of orchestrating a staggering $8 billion theft from customers of the now-defunct FTX cryptocurrency exchange, which he founded.

The Manhattan court hearing saw Judge Kaplan deliver the sentence after dismissing Bankman-Fried’s defense, which sought to downplay the severity of the fraud by contending that FTX customers had not incurred actual losses. Rejecting this assertion and accusing Bankman-Fried of falsehoods during his trial testimony, Judge Kaplan emphasized the deliberate nature of the defendant’s actions.

Bankman-Fried, aged 32, was found guilty on November 2 on seven counts of fraud and conspiracy in connection with FTX’s 2022 collapse, described by prosecutors as one of the most significant financial frauds in US history. Despite the gravity of the charges and the weight of evidence against him, Bankman-Fried maintained his innocence throughout the trial, a stance reiterated by Judge Kaplan in his remarks.

“He knew it was wrong,” Judge Kaplan remarked, addressing Bankman-Fried’s culpability. “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, visibly composed, stood silently as Judge Kaplan pronounced the sentence, bringing an end to a legal saga that has captivated observers worldwide and cast a shadow over the cryptocurrency industry.

Comments are closed.