Founder of the FTX cryptocurrency exchange, Sam Bankman-Fried,who was convicted of stealing billions of dollars from his customers, was sentenced yesterday to 25 years in prison.
His sentence was a fraction of the maximum penalty of 110 years he faced, but it still ranks as one of the longest imposed on a white-collar defendant in recent years, NYT reports.
The sentencing signified the finale of a sweeping fraud case that exposed the rampant volatility and risk-taking across the loosely regulated world of cryptocurrencies. In November 2022, FTX imploded virtually overnight, erasing $8 billion in customer savings. At a trial last fall, Bankman-Fried was convicted of seven counts of fraud, conspiracy and money laundering.
Bankman-Fried vowed to appeal his conviction, but in remarks after his sentencing he appeared to recognize that he would be in prison for some time. “My useful life is probably over now,” he said.
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