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FTX's Sam Bankman-Fried sentenced to 25 years

The crypto exchange co-founder was convicted last year of stealing $8bn from investors.

Before reading the sentence on Thursday, Judge Lewis Kaplan provided a harsh assessment of Bankman-Fried's behaviour, saying he had lied during his testimony at trial when he claimed he was unaware until the last minute that his companies were taking money entrusted to them for safe-keeping by customers and using it for other purposes. They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court. Samuel Hapak, chief executive of software developer Wincent, whose firm represented 200 investors with millions of dollars at FTX when it entered bankruptcy, told the BBC that he thought the ruling was "fair".

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