Sam Bankman-Fried Sentenced to 25 Years in Prison for Cryptocurrency Fraud
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variety.comTodd Spangler NY Digital Editor Sam Bankman-Fried, the disgraced founder of the failed FTX cryptocurrency exchange, was sentenced to 25 years in prison by a federal judge Thursday.
A federal jury in November 2023 convicted Bankman-Friend on seven counts of fraud and conspiracy related to the collapse of his cryptocurrency company and related hedge fund.
The charges had carried a maximum prison term of 110 years. The U.S. government alleged that Bankman-Fried had cheated investors and customers out of upwards of $10 billion through FTX and his crytpo trading firm Alameda Research.
Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York issued the 25-year sentence at a hearing.
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