NEW YORK, March 29 ― Sam Bankman-Fried was sentenced to 25 years in prison by a judge yesterday for stealing US$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. Federal prosecutors had sought a sentence of 40 to 50 years. Mukasey had argued for a sentence of less than 5-1/4 years.Addressing the judge, Bankman-Fried said, “Customers have been suffering ... I didn't at all mean to minimize that. I also think that's something that was missing from what I've said over the course of this process, and I'm sorry for that.”
Kaplan said Bankman-Fried lied when testified that he did not know Alameda Research had spent customer deposits taken from FTX. A Massachusetts Institute of Technology graduate, Bankman-Fried rode a boom in the values of bitcoin and other digital assets to a net worth of US$26 billion, according to Forbes magazine, before he turned 30.
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