From the Wall Street Journal:
FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for fraud tied to the collapse of his digital exchange, capping his meteoric rise and fall.
Less than two years ago, Bankman-Fried was the crypto king. The moptop millennial hobnobbed with heads of state, soaked up Caribbean views from his $30 million penthouse and vowed to use his wealth to better humanity.
Last year, a jury found the 32-year-old guilty of stealing billions of dollars from FTX customers and defrauding investors and lenders to his crypto investment firm Alameda Research.
Prosecutors had sought to lock Bankman-Fried away for a 40 or 50 years, while his lawyers had requested 5 to 6 years.
In a 20-minute statement before he was sentenced, Bankman-Fried, dressed in a beige jailhouse jumpsuit, told the judge before sentencing Thursday that he was haunted every day by what he had thrown away. “I was responsible for FTX, and its collapse is on me,” he said.
“They built something really beautiful and I threw all of that away. It haunts me every day,” the disgraced crypto king said, lamenting, “It’s been excruciating to watch this all unfold. Customers don’t deserve this level of pain.”
CNBC noted that the judge determined that the total loss of the fraud at FTX exceeded $550 million.
Federal prosecutors described it as one of the greatest financial frauds in U.S. history.
Breaking: FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for fraud, capping the crypto executive’s meteoric rise and fall https://t.co/8eiikQFRom pic.twitter.com/NdADMuXZJE
— The Wall Street Journal (@WSJ) March 28, 2024
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