Sam Bankman-Fried sentenced to 25 Years in prison over FTX fraud

Sam Bankman-Fried

Cryptocurrency fraudster Sam Bankman-Fried has finally received his final criminal sentencing on Thursday and will serve 25 years in prison.

The convicted cryptocurrency fraud was previously found guilty on seven counts of fraud and conspiracy-related charges by a New York jury in November 2023, though their original sentence recommendation was 100 years in prison.

Bankman-Fried’s new sentencing for 25 years comes after a court filing pleaded for a lighter sentence. Bankman-Fried’s lawyer asked for a 60-78 month sentence, noting his “philanthropic ventures” and Autism Spectrum Disorder (ASD).

Previously, the cryptocurrency figurehead was lauded as a genius amidst his cryptocurrency exchange FTX’s rapid growth – though it suddenly evaporated overnight with billions in clients funds gone missing.

Over 100,000 creditors from the former-exchange company all lost tens of billions in assets, with some $10 billion funneled to Bankman-Fried’s trading company, Alameda Research, which is run by his then-girlfriend, Caroline Ellison.

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