Sam Bankman-Fried Sentenced To 25 years

March 28, 2024

There is a risk that this man will be in position to do something very bad in the future. And it’s not a trivial risk at all.

Judge Lewis Kaplan before sentencing Sam Bankman-Fried, 32, to pay $11 billion in fines and serve 25 years in prison for what some describe as one of the largest financial frauds in U.S. history.

Why It Matters: Bankman-Fried, served as the founder and CEO of FTX, a cryptocurrency exchange he helped grow to the size of $32 billion, in many ways justifying the market of cryptocurrency to a wide-swath of people who invested in it. The exchange later collapsed as it was exposed that Bankman-Fried used investor money to fund a separate investment firm and lavish lifestyle. He was charged and convicted of fraud and faced upwards of 50 years in prison; his lawyers argued for 5-6 years.

FTX founder Sam Bankman-Fried sentenced to 25 years for crypto fraud, to pay $11 billion in forfeiture

by Jenna Lee,