It looks like FTX’s former “crypto king” has just received 25 years in jail following accusations of fraud and money laundering. Check out the latest reports about this below.
Sam Bankman-Fried gets his sentence – 25 years in jail
Sam Bankman-Fried, who co-founded the crypto exchange FTX and trading firm Alameda Research and was formerly CEO, has been sentenced to 25 years in prison by Southern District of New York (SDNY) Judge Lewis Kaplan.
This comes about five months after he was found guilty on all seven counts related to fraud and money laundering during his trial.
“When not lying, he was evasive, hair splitting, trying to get the prosecutors to rephrase questions for him,” Kaplan said on Thursday, according to Inner City Press. “I’ve been doing this job for close for 30 years. I’ve never seen a performance like that.”
His possible total sentence for the seven counts – two fraud charges and five conspiracy charges – was a maximum of 110 years.
Earlier this month, the Department of Justice prosecutors requested a 40 to 50-year sentence for him, stating it was necessary.
FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing billions of dollars from customers.
Watch RUIN, our feature documentary about SBF and the stunning collapse of his cryptocurrency exchange https://t.co/qHFB3BqRef pic.twitter.com/epDBsaXPCe
— Bloomberg Crypto (@crypto) March 28, 2024
“The sheer scale of Bankman-Fried’s fraud calls for severe punishment,” the notice stated.
“The amount of loss—at least $10 billion—makes this one of the largest financial frauds of all time.”
On Thursday, Kaplan said that range “would be more than necessary.”
SBF sentenced to 25 years in prison.
Today is a pretty good day. pic.twitter.com/XmzLEIMDOK
— Moon Lambo (@MoonLamboio) March 28, 2024
In late February, Bankman-Fried’s attorneys filed a notice suggesting their client receive a sentence of 63 to 78 months. They cited his “caring for individuals,” “remorse,” “low-level culpability,” and more.