Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, has actually been sentenced to 25 years in prison by a judge in New York for managing an $8 billion theft from FTX clients.
🚨 BREAKING: JUDGE SENTENCES SAM BANKMAN-FRIED TO 25 YEARS IN PRISON FOR MULTI-BILLION DOLLAR FTX SCAMS pic.twitter.com/M9HotmBma2
— Bitcoin Magazine (@BitcoinMagazine) March 28, 2024
The sentencing, bied far by U.S. District Judge Lewis Kaplan, follows Bankman-Fried was condemned on 7 scams and conspiracy counts associated to FTX’s collapse in 2022. Judge Kaplan turned down Bankman-Fried’s declares that clients did not lose cash and implicated him of lying throughout the trial.
During the sentencing hearing, Bankman-Fried attempted to reveal remorse for the losses suffered by FTX clients, stating he’s “sorry about what happened.” However, Judge Kaplan stressed the seriousness of the criminal offense, specifying that FTX clients lost $8 billion, equity financiers lost $1.7 billion, and loan providers to Bankman-Fried’s hedge fund lost $1.3 billion.
The judge also slammed Bankman-Fried’s dishonesty throughout the trial, especially concerning his understanding of the misappropriation of client funds. Federal district attorneys had actually looked for a a lot longer sentence, highlighting the scale and effect of the monetary scams.
Bankman-Fried’s fast increase in the cryptocurrency market, came crashing down as the substantial embezzlement plan of FTX was exposed, in which his deceptive actions caused substantial losses for financiers and clients. Many think this 25 year sentence is oppression, as Judge Kaplan stated today before the main judgment, “I have limited my findings on obstruction to support the finding – there may be more. The total offense level is 60 – once you cross 43, it cannot go higher. The guideline is life in prison. But the maximum is 1320 months in this case.”
Renowned whistle blower and cybersecurity specialist Edward Snowden discussed the news, specifying “holy s**t he gave him less than Chelsea Manning (35 years) for a waaaaay worse crime.”
The FTX founder was also the Democrat celebration’s second-biggest private donor in the 2021/2022 election cycle (contributing over $39,800,000).
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