Bankman-Fried sentenced to 25 years in prison FTX collapse, a case that shocked the cryptocurrency industry and users

Sam Bankman-Fried, co-founder of collapsed cryptocurrency exchange FTX, was sentenced to 25 years in prison by U.S. District Judge Lewis A. Kaplan in Manhattan, Bloomberg reported. This heavy sentence marks the culmination of a case that shocked the whole world cryptocurrency industry.
A fall from grace
Bankman-Fried, once a revered figure with a billion-dollar fortune, now faces the harsh realities of prison life after being convicted on seven charges, including fraud and conspiracy. Prosecutors asked for a harsher 50-year sentence, underscoring the severity of the sentence. $10 billion scam that affected customers, investors and lenders.
The judge rejects requests for remorse
Despite Bankman-Fried’s 20-minute statement expressing regret, Judge Kaplan remains unconvinced. He stressed the seriousness of the crimes committed and the potential future risk posed by Bankman-Fried. The judge expects Bankman-Fried to spend a significant portion of his life behind bars, potentially into his fifties. “There is a risk that this man is in a position to do something very bad in the future,” Kaplan said. «And it’s not a trivial risk. It’s not a trivial risk at all.”
The sentence reflects the seriousness of the crime
Although Bankman-Fried intends to appeal both the conviction and the sentence, the 25-year term aligns more closely with the conviction given to former Enron CEO Jeffrey Skilling for accounting fraud than with the 150-year sentence he Bernie Madoff received for his conviction. the infamous Ponzi scheme.
The defense paints a different picture
Bankman-Fried’s lawyer, Marc Mukasey, presented a contrasting portrait, emphasizing his client’s charitable efforts and genuine remorse. He argued for a lighter sentence due to Bankman-Fried’s good intentions and lack of malicious intent.
Prosecutors unconvinced
However, the judge and the prosecution were not convinced by this representation. Prosecutors argued that fraudulent practices were deeply ingrained within the company and that Bankman-Fried’s actions could be repeated based on her justification of “math” over ethical business practices.
Customers left in trouble
Despite Bankman-Fried’s claims of readily available funds, the judge acknowledged the enormous suffering endured by customers due to delays in repayments. This entire saga, according to Bankman-Fried, has been a source of immense personal pain.


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