Disgraced crypto businessman Sam Bankman-Fried has been sentenced to 25 years in prison for stealing billions of dollars from his customers.
He used to run FTX, a company that went bankrupt suddenly in November 2022, leaving many people unable to access their money.
Bankman-Fried, who is 32 years old, could have faced up to 100 years in prison, but his lawyers argued for a shorter sentence. Prosecutors wanted him jailed for 40 to 50 years to protect the public from him and to deter other criminals.
During his trial, it was revealed that Bankman-Fried had stolen money from customers, lied to investors, and engaged in other illegal activities to fund his lavish lifestyle, including buying luxury properties and private planes.
The judge described Bankman-Fried’s actions as “hubris, incompetence, and greed” and emphasized the seriousness of his crimes. Despite Bankman-Fried’s claims that he would pay back his victims, the judge dismissed this as misleading.
Before his sentencing, Bankman-Fried apologized, acknowledging that many people felt let down by his actions.
Given his autism and social awkwardness, the judge recommended that Bankman-Fried be sent to a medium-security prison near San Francisco to minimize the risk to him from other inmates.
Bankman-Fried’s downfall marked a sharp contrast to his previous success as the head of FTX, which was once one of the largest cryptocurrency exchanges in the world. His conviction highlighted one of the biggest financial frauds in US history.
Despite the hope of some victims, the likelihood of recovering their lost funds remains uncertain.