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'Crypto King' Sam Bankman-Fried gets 25 years for $8 billion fraud

08:52 AM | 30 Mar, 2024
'Crypto King' Sam Bankman-Fried gets 25 years for $8 billion fraud

NEW YORK - Sam Bankman-Fried, founder of the FTX cryptocurrency exchange and formerly known as the "Crypto King," has been sentenced to 25 years in prison for stealing $8 billion from customers. 

He has also been ordered to pay $11 billion and will serve 25 years in prison, followed by three years of supervised release, reported US media. 

According to Forbes, Sam Bankman-Fried was once a billionaire with a net worth of $26.5 billion. However, his net worth has now plummeted to zero. He was found guilty of fraud conspiracy, wire fraud, and money laundering in November 2022, which led to his conviction.

Fried was accused of using customer funds from his FTX platform to pay for his luxurious lifestyle and cover losses from his hedge fund.

During the court proceedings, Sam Bankman-Fried showed no signs of genuine remorse. He admitted that mistakes were made in handling the matter but refused to acknowledge any violation of financial laws. Nicholas Roos, an assistant US attorney, argued that the defendant should receive a severe sentence because he could commit crimes again.

In November 2022, Fried resigned from his role at FTX after the company went bankrupt. Outside of court, his parents, Joseph Bankman and Barbara Fried, both Stanford law professors, expressed their heartbreak and vowed to continue fighting for their son.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 19 April 2024

Pakistani currency saw minor adjustment against global currencies on April 19, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.2 and Saudi Riyal's new rates was at 73.30.

Today’s currency exchange rates in Pakistan - 19 April 2024

Currency Symbol Buying Selling
US Dollar ‎USD 277.4 280.4
Euro EUR 293 296
UK Pound Sterling GBP 342.25 345.65
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.09 748.09
Canadian Dollar CAD 201 203
China Yuan CNY 38.44 38.84
Danish Krone DKK 39.69 40.09
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.64 911.64
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.31 25.61
Omani Riyal OMR 722.87 730.87
Qatari Riyal ‎QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.08 307.58
Thai Bhat THB 7.56 7.71

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