FTX CEO Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud and Money-Laundering
Earlier this month, U.S. prosecutors from the Department of Justice called for a “necessary” 40 to 50-year sentence for him.
Prior to its collapse, FTX was one of the top crypto exchanges by volume, behind Coinbase and Binance.
Bankman-Fried testified that he didn’t defraud FTX customers or use their funds, but that Alameda “borrowed” that capital from the exchange.
Prosecutors strongly argued Bankman-Fried made a number of false promises internally and externally and was responsible for the loss of billions of dollars for thousands of FTX investors.
And as a result, Bankman-Fried will be spending quite some time behind bars.
