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Headline : FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Read more from the original article on here at www.wired.com.




Tags : #ftx #founder #sam #bankmanfried #sentenced #25 #years #prison


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A US federal judge in the Southern District of New York has sentenced Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, to 25 years in prison. In addition, Bankman-Fried has been ordered to forfeit $11 billion.

Last November, at the end of a month-long trial, Bankman-Fried—known colloquially as SBF—was found guilty of seven counts of fraud and conspiracy in connection with the collapse of FTX.

The exchange had fallen to pieces in November 2022 after running dry of funds with which to process customer withdrawals. The money was missing, the jury concluded, because Bankman-Fried had conducted an elaborate fraud whereby billions of dollars’ worth of user funds was swept into a sibling company and used to bankroll high-risk trading, venture bets, debt repayments, personal loans, political donations, and a lavish life in the Bahamas.

In a court filing, the US government described the affair as “one of the largest financial frauds in history.” Bankman-Fried had demonstrated “unmatched greed and hubris” and a “brazen disrespect for the rule of law,” it said.

Read more from the original article on here at www.wired.com.


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