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FTX founder Sam Bankman-Fried sentenced to 25 years in prison for fraud
US judge sentences FTX founder Sam Bankman-Fried to 25 years in prison for fraud. Bankman-Fried must also repay $11 billion. FTX’s collapse led to a drop in cryptocurrency prices and the arrest of its former CEO. Bankman-Fried was convicted of wire fraud, securities fraud, commodities fraud and money laundering. We will inform you about the case.
FTX founder Sam Bankman-Fried sentenced to 25 years in prison for fraud
A US judge has sentenced fallen FTX founder Sam Bankman-Fried to 25 years in prison after the former crypto tycoon was convicted on fraud charges last year. Judge Lewis A. Kaplan also imposed a three-year supervised release on Bankman-Fried and ordered him to forfeit $11 billion.
FTX imploded and filed for bankruptcy in November 2022 after Bankman-Fried was accused of lending millions of dollars in customer deposits to Alameda Research, the company's trading arm. The exchange's collapse led to a significant drop in crypto prices, and the following month, US federal authorities arrested Bankman-Fried.
Last November, a U.S. jury found him guilty of wire fraud and conspiracy to commit wire fraud against FTX customers, wire fraud and conspiracy to commit wire fraud against Alameda's lenders, conspiracy to commit securities fraud against FTX investors, conspiracy to commit commodities fraud against FTX customers, and conspiracy to launder money. The jury only needed four hours to reach a verdict.
According to Damian Williams, U.S. Attorney for the Southern District of New York, Bankman-Fried stole more than $8 billion from his customers and committed one of the largest financial frauds in history. Bankman-Fried plans to appeal his sentence.
As a result of rising crypto prices and a lucrative investment in an artificial intelligence company, FTX's bankrupt assets are reportedly set to pay out its former customers 120-140% of the value of their holdings on the day it declared bankruptcy.
##_table
| information | Value |
|---|---|
| Convicted crime | fraud |
| Duration of conviction | 25 years in prison, 3 years supervised release |
| Amount to be forfeited | $11 billion |
| charges | Wire fraud, conspiracy to commit wire fraud, securities fraud, commodities fraud, money laundering |
| Stolen sum of money | More than $8 billion |
| Possible payout to former customers after bankruptcy | 120-140% of the inventory value on the date of bankruptcy filing |
| Intention to appeal | Yes |