2024-03-28 23:45:00
A judge on Thursday sentenced Sam Bankman Fried to 25 years in prison for stealing eight billion dollars from clients of the now-bankrupt cryptocurrency trading platform FTX, in the latest collapse for the former billionaire.
US District Judge Lewis Kaplan pronounced the ruling in a session in a Manhattan court following he rejected the claim of Bankman Fried, who is called the “King of Cryptocurrencies,” that FTX clients did not actually lose their money and found that he lied during his testimony in the trial.
On November 2, the jury concluded that Bankman Fried (32 years old) was guilty of seven counts of fraud and conspiracy following his platform collapsed in 2022 in a case that prosecutors described as one of the largest financial frauds in the history of the United States.
Kaplan said Bankman-Fried did not show remorse or remorse, adding: “He knew he was wrong. He knew it was a criminal offense, but he wouldn’t admit to anything.”
During the judge’s 20-minute speech, Bankman-Fried acknowledged that customers of the FTX platform had been subjected to suffering and apologized to his former colleagues on the platform, but he did not acknowledge that he had committed any criminal violation, and pledged to appeal the ruling convicting him and imprisoning him.
The ruling marked the end of Bankman Fried’s career and his transformation from an extremely wealthy entrepreneur and a major political donor to one of the most prominent figures to have fallen into the hands of justice so far in a campaign by the American authorities once morest violations in the cryptocurrency markets.
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