🚨⚠️ Sam Bankman-Fried Faces 25 Years Behind Bars for $8 Billion FTX Fraud
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has been sentenced to 25 years in federal prison. The sentence, handed down by U.S. District Judge Lewis Kaplan in a Manhattan courtroom, marks the end of a high-profile case that exposed massive fraud and upended the crypto industry.
Bankman-Fried was convicted on seven criminal counts, including fraud and conspiracy, and faced a maximum prison term of 110 years. During his trial, prosecutors alleged that he cheated investors and customers out of more than $10 billion through his cryptocurrency company and related hedge fund.
In his statement to the court, Bankman-Fried expressed remorse, stating that he was "sorry about what happened at every stage" and that his actions "haunt [him] every day." Despite his apology, Judge Kaplan increased the sentencing guidelines range after finding that Bankman-Fried had perjured himself during the trial and obstructed justice.
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