• Sam Bankman-Fried has been sentenced to twenty-five years in jail. 
• FTX imploded in November 2022, with shoppers shedding billions of greenbacks in belongings.

Sam Bankman-Fried, the founder and previous CEO of collapsed crypto trade FTX, has been sentenced to twenty-five years in jail. 

FTX imploded and filed for chapter in November 2022. Sam Bankman-Fried has been in prison looking forward to sentence since being discovered in charge of fraud ultimate yr.

SBF will get 25 years in jail for fraud

US District Judge Lewis Kaplan despatched Bankman-Fried to jail for lower than what prosecutors had requested for. However, the sentencing has delivered a well timed reminder to crypto bosses after the FTX loss of life reverberated around the trade in 2022.

The sentencing on Thursday marks the tip of one of the crucial greatest fraud similar instances on the earth, with 32-year outdated Bankman-Fried on the heart. He used to be additionally ordered to forfeit greater than $11 billion in belongings. 

BREAKING‼️ Disgraced FTX founder Sam Bankman-Fried has been sentenced to twenty-five years in jail

+Ordered forfeit greater than $11 billion pic.twitter.com/JwOtDYODFg

— Bitcoin Archive (@BTC_Archive) March 28, 2024

The former FTX leader apologized for his movements in short remarks prior to the pass judgement on’s sentence. However, his declare that FTX shoppers will probably be made complete didn’t sit down smartly with the pass judgement on.

“The defendant’s assertion that FTX customers and creditors will be paid in full is misleading, it is logically flawed, it is speculative,” Judge Kaplan famous.