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Former crypto mogul Sam Bankman-Fried was sentenced Thursday to 25 years in jail for his position within the 2022 collapse of FTX, which as soon as was one of many world’s hottest platforms for buying and selling digital foreign money.
Former crypto mogul Sam Bankman-Fried was sentenced Thursday to 25 years in jail for his position within the 2022 collapse of FTX, which as soon as was one of many world’s hottest platforms for buying and selling digital foreign money.
Bankman-Fried, 32, was convicted on seven prices in November associated to fraud and conspiracy. A jury discovered that Bankman-Fried illegally used cash from FTX depositors to cowl his bills, which included buying luxurious properties within the Caribbean, alleged bribes to Chinese language officers and personal planes.
Prosecutors really useful a jail sentence of 40 to 50 years. The defence was on the lookout for a time period of now not than six years, arguing that FTX’s traders have largely recovered their funds — a declare disputed by chapter attorneys, FTX and its collectors.
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