Cryptocurrency exchange FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison. He has been found guilty in the case of financial fraud and taking large amount of money from the customers of the company.
District Judge Lewis Kaplan announced the sentence in Manhattan court on Thursday. Sam Bankman-Fried is the former CEO of currently bankrupt cryptocurrency exchange FTX. He pleaded guilty to fraud and money laundering late last year.
FTX was launched in 2019 by 30-year-old Sam Bankman Fried, who made millions of dollars trading Bitcoin. Its headquarters were in the Bahamas. FTX filed for bankruptcy on November 11 this year, just three years after its establishment.
Investors withdrew $6 billion in just 72 hours from this platform, one of the largest in the world. FTX then filed for bankruptcy if it failed to raise enough funds to maintain market stability.
Then in December 2022, Sam was arrested. He was arrested by the Bahamas police at the request of the United States. Prosecutors had sought a sentence of between 40 and 50 years for Sam. News time news.