Former crypto mogul Sam Bankman-Fried faces the potential of decades in prison when he is sentenced Thursday for his role in the 2022 collapse of FTX, once one of the world’s most popular platforms for trading digital currency.
Bankman-Fried’s attorneys, friends and family have urged leniency, saying he is unlikely to reoffend again. They also say FTX’s investors have largely recovered their funds – a claim disputed by bankruptcy lawyers, FTX and its creditors. Bankman-Fried was worth billions of dollars on paper as the co-founder and CEO of FTX, which was the second-largest cryptocurrency exchange in the world at one time.
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