• Sam Bankman Freed was sentenced to 25 years in jail.
• FTX went bankrupt in November 2022, leaving prospects with billions of {dollars} in belongings.

Sam Bankman Fried, the founder and former CEO of the failed cryptocurrency change FTX, has been sentenced to 25 years in jail.

FTX went into inner chapter and filed for chapter in November 2022. Sam Bankman Freed has been in jail awaiting sentencing since being convicted of fraud final yr.

SBF sentenced to 25 years for fraud

U.S. District Decide Lewis Kaplan despatched Bankman Fried to jail for lower than the quantity sought by prosecutors. Nevertheless, the ruling is a well timed warning for crypto leaders after FTX's demise in 2022 reverberated all through the business.

Thursday's verdict marks the top of one of many world's largest fraud instances centered on 32-year-old Bankman Freed. He was additionally ordered to forfeit greater than $11 billion in belongings.

breaking information! ️ Disgraced FTX founder Sam Bankman Freed sentenced to 25 years in jail

Ordered to forfeit greater than $11 billion pic.twitter.com/JwOtDYODFg

— Bitcoin Archive (@BTC_Archive) March 28, 2024

The previous FTX chief apologized for his actions briefly remarks earlier than the choose's ruling. Nevertheless, his argument that FTX prospects can be totally reinstated was not accepted by the choose.

“Defendants' claims that FTX's prospects and collectors might be paid in full are deceptive, logically flawed, and speculative;” Decide Kaplan famous.