- Sam Bankman-Fried was sentenced to 25 years in prison.
- FTX collapsed in November 2022, with customers losing billions of dollars in assets.
Sam Bankman-Fried, founder and former CEO of bankrupt cryptocurrency exchange FTX, has been sentenced to 25 years in prison.
FTX filed for bankruptcy in November 2022. Sam Bankman-Fried has been in prison awaiting sentencing since being found guilty of fraud last year.
SBF sentenced to 25 years in prison for fraud
U.S. District Judge Lewis Kaplan sent Bankman-Fried to prison for less than what prosecutors had sought. But the sentencing delivered a timely reminder to cryptocurrency industry bosses after FTX’s demise in 2022 reverberated across the industry.
Thursday’s sentencing marks the end of one of the world’s largest fraud-related cases centered on 32-year-old Bankman-Fried. He was also ordered to confiscate more than $11 billion in assets.
trot! Disgraced FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison.
+Over $11 billion in confiscation orders pic.twitter.com/JwOtDYODFg
— Bitcoin Archive (@BTC_Archive) March 28, 2024
The former FTX CEO apologized for his actions in brief remarks prior to the judge’s sentencing. But his argument that FTX customers would be made whole didn’t sit well with the judge.
“Defendants’ claims that FTX customers and creditors will be paid in full are misleading, logically flawed, and speculative.” Judge Kaplan said: