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FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison
A US judge has sentenced Sam Bankman-Fried, one-time crypto wunderkind, to 25 years behind bars.
The money was missing, the jury concluded, because Bankman-Fried had conducted an elaborate fraud whereby billions of dollars’ worth of user funds was swept into a sibling company and used to bankroll high-risk trading, venture bets, debt repayments, personal loans, political donations, and a lavish life in the Bahamas. Bankman-Fried’s counsel argued for a shorter sentence given that FTX creditors are on track to recover their money in full at the end of the bankruptcy process—although not everyone’s happy with the outdated valuation of the assets, given crypto’s recent meteoric rise in price. The US Department of Justice made play of these issues in its own presentence filings, pressing home the gravity of Bankman-Fried’s crimes, the range and number of his victims, and the way he obstructed the investigation by allegedly giving “false testimony” on the stand.
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