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.
