The expected decision today became clear, Sam Bankman-Friedsentenced to 25 years in prison over FTX scam was slammed.
Founder and former CEO of FTX, one of the world’s largest cryptocurrency exchanges Sam Bankman-FriedHe was convicted of fraud and money laundering after a month-long hearing in New York, USA. The 31-year-old former billionaire, who was once one of the most famous people in the cryptocurrency world, was expected to be sentenced to a prison sentence that would last many years. Today he was sentenced to exactly 25 years in prison. Bankman-Fried was arrested following the collapse of FTX, with prosecutors accusing him of lying to investors and lenders and stealing billions of dollars of cryptocurrency. He made seven separate accusations. Bankman-Fried denied the accusations and argued that he acted in good faith despite his mistakes. His ex-girlfriend and his co-workers, who were among the other people accused, cooperated with the prosecutor’s office and testified against him in order to lessen the sentence they would receive. Bankman-Fried, who was ultimately found guilty of all seven crimes against him. The other defendants, who cooperated with the prosecutor’s office for Bankman-Fried’s cryptocurrency trading company Alameda, had used the money in FTX customers’ accounts since the first days because it could not get a loan from banks.