Sam Bankman-Fried sentenced to 25 years in jail for multibillion-dollar FTX fraud

Sam Bankman-Fried has been sentenced to 25 years in jail for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded.

The sentence marked the culmination of Bankman-Fried’s plunge from an ultra-wealthy entrepreneur and major political donor to the biggest trophy to date in a crackdown by US authorities on malfeasance in cryptocurrency markets. Bankman-Fried has vowed to appeal his conviction and sentence.Kaplan said he had found that FTX customers lost $8 billion, FTX’s equity investors lost $1.7 billion, and that lenders to the Alameda Research hedge fund Bankman-Fried founded lost $1.3 billion.

In this courtroom sketch, Sam Bankman-Fried, second from right, stands while addressing the judge before his sentencing.Bankman-Fried, wearing a beige short-sleeve jail T-shirt, acknowledged during 20 minutes of remarks to the judge before he was sentenced that FTX customers had suffered. Three of his former close associates testified as prosecution witnesses at trial that he had directed them to use FTX customer funds to plug losses at Alameda Research.

“Sam Bankman-Fried doesn’t make decisions with malice in his heart,” Mukasey added. “He makes decisions with math in his head.”

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