The founder of the FTX crypto exchange was sentenced to 25 years in prison – Kommersant
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A New York federal court sentenced Sam Bankman-Fried to 25 years in prison. He was the founder and CEO of FTX Group, operator of the Bahamas-based cryptocurrency exchange FTX.
The company declared bankruptcy on November 11, 2022. At the same time, it was announced that Sam Bankman-Fried would resign from the post of CEO, and the company itself came under external management.
In December 2022, Sam Bankman-Fried was detained in the Bahamas at the request of the United States. At the same time, he was charged with organizing a scheme to defraud FTX investors, who invested a total of $1.8 billion in the exchange.
In November 2023, Bankman-Fried was found guilty by a jury in New York of stealing billions of dollars from FTX client accounts, as well as defrauding creditors of the hedge fund Alameda Research, which kept funds from crypto exchange clients in a bank account. In addition, the jury found Sam Bankman-Fried guilty of defrauding FTX investors and money laundering.
In total, he was found guilty of seven charges, which carried a maximum penalty of 115 years in prison. At the same time, the prosecutor’s office requested from 40 to 50 years in prison for the founder of FTX.
Bankman-Fried, who has long denied his guilt in the collapse of the cryptocurrency exchange and the misappropriation of client funds, today apologized to everyone who suffered from his actions. “It was painful to watch. Clients don’t deserve this kind of pain… My life is probably essentially over. However, it was completed quite a long time ago.”
Read more about the case in the material “Nerd” for whipping”.
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