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Headline : Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison

Read more from the original article on here at koreatimes.co.kr.




Tags : #fallen #crypto #mogul #sam #bankmanfried #sentenced #25 #years #prison


No. of Paragraph 56

FTX's former CEO and founder Sam Bankman-Fried leaves the Federal Courthouse following a bail hearing ahead of his October trial, in New York City, July 26, 2023. AFP-Yonhap

Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud on hundreds of thousands of customers that unraveled with the collapse of FTX, once one of the world’s most popular platforms for exchanging digital currency.

Though he described Bankman-Fried as “extremely smart,” U.S. District Judge Lewis A. Kaplan delivered a blistering analysis of Bankman-Fried and his crimes before announcing a sentence that was half of what prosecutors sought and less than a quarter of the 105 years recommended by the court's probation officers.

“There is absolutely no doubt that Mr. Bankman-Fried’s name right now is pretty much mud around the world,” Kaplan said of the 32-year-old California man who seemed atop the cryptocurrency universe before his businesses collapsed in November 2022, leaving customers, investors and lenders short over $11 billion, which the judge ordered him to forfeit.

Read more from the original article on here at koreatimes.co.kr.


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