Disgraced ‘crypto king’ jailed for 25 years

Disgraced crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison after being convicted of stealing billions of dollars from his customers.

He was the chief executive of FTX, which suddenly went bankrupt in November 2022 – leaving millions of users frozen out of their accounts and unable to make withdrawals. The 32-year-old American could have faced up to 100 years behind bars – but last month, his lawyers argued such a sentence would have been “barbaric” and a five-year term would be more appropriate.

Initial reports said he had been sentenced to 20 years – but this has since been corrected to 25.

Prosecutors had asked the judge to jail Bankman-Fried for 40 to 50 years, arguing the public needed protecting from the fraudster and a harsh punishment would deter other criminals.

“The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years,” prosecutors said in a court filing.“He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials. Each of these crimes is worthy of a lengthy sentence.” (SKY)

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