Sam Bankman-Fried lied during trial, judge says at FTX founder's sentencing

Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, leaves the Manhattan federal court in New York City, on Mar 30, 2023.

Kaplan also said he had found FTX customers lost US$8 billion, FTX's equity investors lost US$1.7 billion, and that lenders to the Alameda Research hedge fund Bankman-Fried founded lost US$1.3 billion, rejecting Bankman-Fried's argument that customers would be paid back in full through the bankruptcy process.

Mukasey said FTX customers would likely be made whole in the bankruptcy process, and that Bankman-Fried worked diligently after the exchange's November 2022 collapse to recover funds. One of those customers, London resident Sunil Kavuri, said at Bankman-Fried's sentencing that he lost money he wanted to spend on a family home and his children's education.Bankman-Fried has been detained at the Metropolitan Detention Center in Brooklyn since August 2023, when Kaplan revoked his bail after finding he likely tampered with witnesses at least twice.

He was one of the biggest contributors to Democratic candidates and causes ahead of the 2022 US midterm elections. Bankman-Fried testified in his own defence that he made mistakes such as not implementing a risk management team, but denied he intended to defraud anyone or steal customers' money.

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