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SBF live updates: FTX founder sentenced to 25 years in prison for massive crypto fraud
FTX founder Sam Bankman-Fried was convicted of fraud involving his cryptocurrency exchange and a related hedge fund. Prosecutors want him locked up for decades.
Manhattan U.S. Attorney Damian Williams, in a statement after the sentencing, said, "Samuel Bankman-Fried orchestrated one of the largest financial frauds in history, stealing over $8 billion of his customers' money." The top prosecutor said that the sentence not only will prevent Bankman-Fried from committing fraud again, but also is "an important message to others who might be tempted to engage in financial crimes that justice will be swift, and the consequences will be severe." FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund.
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