“Closing the FTX Saga: Sam Bankman-Fried Receives Sentencing”

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After a lengthy trial and conviction, we finally learned how long former crypto baron Sam Bankman-Fried will be behind bars: up to 25 years. It’s a lengthy sentence, but one that given the scale of the crimes he was convicted of, doesn’t come as a shock. For the crypto industry, it’s also the final page in a chapter that many may want firmly behind them. After all, we’re out of the last crypto winter and are back in a period of rising token prices, growing trading volume, and hints of the prior excitement that web3 commanded during the last asset bubble. Still, before we fully wrap up our coverage of SBF and his erstwhile empire, it’s worth taking one last trip down memory lane to cement in our minds how we wound up with a former venture and political darling not in the dock, but behind bars.

“Nikola CEO Trevor Milton Receives 4-Year Sentence for Securities Fraud”

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Trevor Milton, the disgraced founder and former CEO of electric truck startup Nikola, was sentenced Monday to four years in prison for securities fraud. The sentencing hearing comes after four separate delays, during which Milton has remained free under a $100 million bond. Milton sobbed as he pled with Judge Ramos for leniency in a long and often confusing statement ahead of the sentencing. At one point, Milton said he stepped down from the CEO post at Nikola not because of fraud allegations, but to support his wife. That video sparked investigations from third parties, and after a report by Hindenburg Research called the company a fraud, Milton stepped down in September 2020.