After a extremely anticipated sentencing listening to, former FTX CEO Sam Bankman Fried was sentenced to a life sentence for stealing billions of {dollars} from his prospects.
The ruling, introduced by Choose Lewis Kaplan in federal court docket in Manhattan, marks an essential chapter within the story of the downfall of a as soon as outstanding cryptocurrency determine.
Bankman Fried's sentencing follows a month-long trial in November by which he was discovered responsible of seven fees associated to the collapse of FTX and the disappearance of roughly $10 billion in buyer deposits. Ta.
Sam Bankman Freed convicted
Prosecutors had requested for 40 to 50 years in jail for SBF, however the protection reportedly sought a sentence of 5 to five years based mostly on the expectation that FTX prospects would have the ability to get well most, if not all, of their cash. He requested a sentence of six years in jail. It was misplaced when the alternate fell into chapter 11 in 2022.
Final month, legal professionals representing FTX's chapter property informed a Delaware decide that whereas there stays vital effort and threat to repay prospects in full, they and their collectors shouldn’t be in a position to absolutely repay their prospects and collectors with professional claims. He mentioned he anticipated to be repaid.
In the end, Bankman Fried was sentenced to 25 years in jail for fraud and conspiracy that led to the chapter of the as soon as outstanding cryptocurrency alternate. SBF was additionally fined $11 billion.
Choose Kaplan mentioned Bankman-Freed by no means expressed “any regret for committing such a horrific crime.”
The choice was made by a decide after a two-hour listening to in a Manhattan courtroom, by which prosecutors, Bankman Freed himself, Bankman Freed's attorneys, the victims, and attorneys representing different FTX victims agreed to the choice. I commented.
“Sam Bankman Freed’s 25-year sentence marks the tip of one of many crypto trade’s worst circumstances of fraud and conspiracy up to now,” mentioned John Carter, Head of Cryptocurrency Public Relations at Investing. informed .com.
“The influence of FTX’s chapter on the crypto ecosystem will ceaselessly be remembered because the decisive set off of the final crypto winter. This determination marks the tip of an period and is critical. We hope that this precedent will carry us one step nearer to widespread crypto regulation.”
“Samuel Bankman Fried orchestrated the most important monetary fraud in historical past, stealing greater than $8 billion in buyer funds,” Damian Williams, the U.S. legal professional for the Southern District of New York, mentioned in an announcement.
“In the present day's sentence will stop the defendants from committing fraud once more, making certain swift justice and harsh penalties for individuals who might select to commit monetary crimes. This sends an essential message that
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