FTX founder jailed for 25 years over billion-dollar fraud

Sam Bankman-Fried was sentenced to 25 years in prison by a judge for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind's dramatic downfall.

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. Federal prosecutors had sought a prison sentence of 40 to 50 years. Bankman-Fried's defense lawyer Marc Mukasey had argued that a sentence of less than 5-1/4 years would be appropriate.

Nicolas Roos, a prosecutor with the US Attorney's office in Manhattan, told the judge,"The criminality here is massive in scale. It was pervasive in all aspects of the business."

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