In a sentence in a Manhattan federal court of US Judge Lewis Kaplan, FTX co-founder Sam Bankman-Fried has been sent to 25 years in prison. Bankman-Fried has been convicted of defrauding lenders, customers, and FTX investors.
FTX marked the largest collapse of crypto in history, under Sam Bankman-Fried’s leadership. The former CEO had faced up to 110 years in prison, while his lawyers had asked for 6.5 years, and the prosecutors asked for a 50 year sentence.
In case of white collar crimes, the sentences have been varied from 11 years for Elizabeth Holmes for her blood-testing company Theranos, to 150 years for Bernard Madoff, the mastermind behind the $65 billion Ponzi scheme in history.
In his final statement Bankman-Fried stated what happened at FTX haunts him and he has made a lot of mistakes. He added as CEO, he was responsible.
