Former FTX Crypto Chief Sam Bankman-Fried Sentenced To 25 Years In Prison
deadline.comSam Bankman-Fried, the founder of crypto exchange FTX, was sentenced to 25 years in prison for defrauding investors. Judge Lewis Kaplan of the Southern District of New York set the sentence today in a hearing in New York Federal Court.
He said the long sentence would serve as a deterrent, that Bankman-Fried had lied on the stand during his trial, and that he felt there was a risk of him repeating similar crimes.
Speaking before the sentence, Bankman-Fried said what happened to FTX customers has “been excruciating to watch.” But, he said, “I don’t think the reasons for that have been properly told.” The 31-year-old said he had made a series of bad decisions and thrown his life away.
In November, the former crypto king was found guilty by a Manhattan jury of seven counts of fraud in a scheme that cost FTX customers over $10 billion.
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