HomeNFTsFTX Sam Bankman-Fried Faces 25-Year Prison-Term

FTX Sam Bankman-Fried Faces 25-Year Prison-Term

-


In a landmark decision impacting both the crypto and NFT realms, Sam Bankman-Fried—the former chief of the now-ceased FTX exchange and NFT marketplace—has been sentenced to 25 years in prison. 

Earlier today, Judge Lewis A. Kaplan in Manhattan sentenced Sam Bankman-Fried for fraud and conspiracy, among numerous other financial-based charges. 

Despite the prosecution’s recommendation for a 40 to 50-year prison term and a federal probation officer proposing a whopping 100-year sentence, the defense argued for a significantly shorter sentence of less than seven years.

Ultimately, a 25-year sentence was imposed. Mr. Bankman-Fried reportedly apologized to FTX customers, investors, and employees, acknowledging their profound disappointment. “A lot of people feel really let down, and they were very let down,” he said.

“I’m sorry about that. I’m sorry about what happened at every stage.” He added that his decisions “haunt” him every day. 

Source: CNN

The Epic Decline of a Web3 Titan

In November 2022, FTX—once valued at over $30 billion—collapsed, wiping out $8 billion in client assets and sparking numerous lawsuits.

Check out: NFT Highlights of 2022 – The Highs and Lows of a Tumultuous Year (nftplazas.com)

Sam Bankman-Fried was later found guilty on charges including fraud and money laundering, leading to a historic sentence for financial crime.

Victim testimonies underscored the devastating impact, with Judge Kaplan also dismissing arguments that bankruptcy could repair the damage.

Confronted with a grim outlook and having lost his sway in the blockchain sphere, Bankman-Fried is said to be appealing his quarter-century behind bars. 



LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Procter & Gamble executive sells over $135k in company stock By Investing.com

In a recent transaction, R. Alexandra Keith, CEO of Beauty at Procter & Gamble Co (NYSE:PG), sold a total of 855 shares of the...

Indie Gem ‘Crystal Armada’ Soars into the NFT Space

A visionary indie game development team is inviting players to fleet command in ‘Crystal Armada – Rise of Terra‘, a game that redefines strategic...

Vitalik Buterin Among Several High-Profile Names With Over $1 Million Locked in Bridges

Vitalik Buterin, co-founder of Ethereum, reportedly has over $1 million trapped in the Optimism bridge, a situation highlighted in a broader analysis by Arkham,...

Most Popular