FTX founder Sam Bankman-Fried leaves a federal court building on July 26, 2023, in New York.
Former crypto mogul Sam Bankman-Fried was sentenced Thursday to 25 years in prison for his role in the 2022 collapse of FTX, which once was one of the world's most popular platforms for trading digital currency. Bankman-Fried was sentenced Thursday to 25 years in prison for his role in the 2022 collapse of FTX.
Bankman-Fried, 32, was convicted on seven charges in November related to fraud and conspiracy. A jury found that Bankman-Fried illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
Prosecutors recommended a prison sentence of 40 to 50 years. The defence was looking for a term of no longer than six years, arguing that FTX's investors have largely recovered their funds — a claim disputed by bankruptcy lawyers, FTX and its creditors.
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