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Sam Bankman-Fried, founder of FTX, sentenced to 25 years in prison

© FTX via Twitter

He was found guilty of seven counts, including fraud and money laundering, by a New York jury last November. But Sam Bankman-Fried, founder and former CEO of FTX, was not yet sure about his sentence. This has been done since Thursday, March 28 after the Manhattan federal court ruled. The one we nicknamed “SBF” is sentenced to 25 years in prison.

Towards an appeal from Sam Bankman-Fried ?

It should be noted from the outset that this sentence is less than the 40 to 50 years requested by American federal prosecutors, as recalled CNBC. He even faced up to 110 years maximum under the terms of American law.

This Thursday, the former leader told the judge in this case, Lewis Kaplan& ;nbsp;: “It has been excruciating to watch all this unfold. Customers do not deserve such suffering. I was the CEO of FTX and I was in charge. “

For his part, the judge rejected the entire argument of&#8217 ;accused that there was no loss at FTX and called this assertion “misleading, logically flawed and speculative”, report our colleagues.

Although he admitted to having some responsibility towards FTX clients, Sam Bankman-Fried does not intend to stop there and he still proclaims his innocence. We thus learn that he intends to appeal his conviction and sentence. The affair was therefore not concluded this Thursday and there may still be twists and turns.

An extraordinary affair which has shaken up the cryptocurrency sector< /h2>

As a reminder, the scandal dates back to November 2022 and it affected two companies: FTX and Alameda Research which both collapsed following the discovery of a hole of 8 billion dollars in the balance sheet of the first. Overnight, customers could no longer withdraw their funds, causing panic in the cryptocurrency industry.

Last November, just after Sam Bankman-Fried was convicted of fraud, Manhattan federal prosecutor Damian Williams welcomed the decision, which was supposed to send a message to those in the sector who are not above board. laws. He then underlined: “Sam Bankman-Fried committed one of the biggest financial frauds in the history of the United States. A multi-billion dollar scheme designed to make him the king of cryptos.” The king is now deposed. To find out more, we recommend reading our article which reviews the FTX scandal.

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Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116