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Bankman-Fried, 32, was sentenced for stealing $8 billion from prospects of the FTX cryptocurrency alternate he based.
Former crypto tycoon Sam Bankman-Fried has been sentenced to 25 years in United States federal jail for stealing $8 billion from prospects of the now-bankrupt FTX cryptocurrency alternate he based.
U.S. District Choose Lewis Kaplan rejected Bankman-Fried's claims in a Manhattan court docket listening to on Thursday that FTX shoppers didn’t truly lose cash and accused her of mendacity throughout trial testimony.
A jury discovered Bankman-Fried, 32, responsible on Nov. 2 of seven fraud and conspiracy counts stemming from the 2022 collapse of FTX, which prosecutors have referred to as one of many largest monetary frauds in U.S. historical past.
“He knew it was unsuitable,” Kaplan mentioned of Bankman-Fried earlier than sentencing. “He knew it was felony. He regrets that he made a really unhealthy guess about the opportunity of getting caught. However he won’t settle for something, as is his proper.”
When Kaplan learn the sentence, Bankman-Fried stood in entrance of her with folded arms.
Kaplan mentioned this sentence signifies that “there’s a threat that this particular person might be ready to do one thing very unhealthy sooner or later.” “And this isn’t a minor threat in any respect.”
Earlier than being sentenced, Bankman-Fried mentioned: “My helpful life might be over. All this ended a while earlier than my arrest.”