FTX cryptocurrency alternate founder Sam Bankman-Fried has been sentenced to 25 years in jail by a New York choose for masterminding the theft of $8 billion from FTX prospects.
🚨 BREAKING: Choose sentences SAM BANKMAN-FRIED to 25 years in jail for multi-billion greenback FTX fraud pic.twitter.com/M9HotmBma2
— Bitcoin Journal (@BitcoinMagazine) March 28, 2024
The sentence was handed down by U.S. District Choose Lewis Kaplan after Bankman-Fried was discovered responsible of seven counts of fraud and conspiracy associated to the 2022 collapse of FTX responsible. Choose Kaplan rejected Bankman-Fried’s argument that his consumer misplaced no cash and accused him of mendacity in the course of the trial.
Through the sentencing listening to, Bankman-Fried tried to precise remorse for the losses suffered by FTX prospects, saying he was “sorry for what occurred.” Nonetheless, Choose Kaplan highlighted the seriousness of the crimes, saying FTX purchasers misplaced $8 billion, inventory traders misplaced $1.7 billion and Bankman-Fried hedge fund lenders misplaced $1.3 billion.
The choose additionally criticized Bankman Fried for dishonesty in the course of the trial, significantly his information of the misappropriation of consumer funds. Federal prosecutors are looking for longer sentences, underscoring the size and impression of the monetary fraud.
Bankman-Fried’s meteoric rise within the cryptocurrency trade got here crashing down when the large corruption case at FTX got here to gentle, and his fraud brought about vital losses to traders and prospects. Many imagine this 25-year sentence is unjust, and as Choose Kaplan stated as we speak earlier than the formal ruling, “I restricted my discovering of obstruction of justice to help that discovering – and there could have been extra. The general offense stage is 60 – when you recover from 43, it may well’t go any larger. The rule of thumb is life imprisonment. However on this case the utmost sentence is 1,320 months.”
Well-known whistleblower and cybersecurity professional Edward Snowden commented on the information, saying, “Oh my God, he has dedicated fewer crimes than Chelsea Manning (35 years previous).”
The FTX founder can also be the second-largest particular person donor to the Democratic Get together within the 2021/2022 election cycle (donating over $39,800,000).
