Disgraced 'crypto king' Sam Bankman-Fried jailed for 25 years for $8bn theft from FTX customers
Sam Bankman-Fried
Sam Bankman-Fried, a known face in the cryptocurrency industry and the founder and CEO of FTX, a cryptocurrency derivatives exchange, was jailed for 25years on Thursday (Mar 28).
Bankman-Fried, who was highly regarded in the cryptocurrency space for his expertise in trading, got into a controversy and is now sent to prison for stealing $8 billion from FTX's customers.
The verdict was delivered by US District Judge Lewis Kaplan during a court hearing in Manhattan.
The ruling by the court came after the 32-year-oldBankman-Fried was found guilty on November 2 on two counts offraud and five counts of conspiracy related to the collapse of FTX in 2022.
Judge Kaplan ahead of delivering the verdict said that Bankman-Fried "knew it was wrong."
“He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right," Kaplan added.
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The judge also backed his verdict of sentencing the "Crypto King" to 25 years in prison by pointing out the potential danger posed by him in the future.
"There is a risk that this man will be in a position to do something very bad in the future. And it’s not a trivial risk at all," Kaplan added.
The judge also rebuffed Bankman-Fried's assertion that FTX clients hadn't genuinely suffered losses. He also said that the founder of now bankrupt FTX was dishonest during his trial testimony.
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Moreover, prosecutors in a court filing stated,“The defendant victimized tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him."
Downfall of FTX
In November 2022, the Bahamas-based cryptocurrency exchange started to make a downfall. A surge in customer withdrawals exposed a$8 billion deficit in FTX's customers' accounts.
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Later, depositors were unable to reclaim their funds lodged within the exchange. Before the collapse and the exposure of huge swindling, FTX stood as the third-largest cryptocurrency exchange worldwide. It also boasted a user base exceeding one million.
(With inputs from agencies)