The sentence concludes a dramatic fall for a onetime billionaire who presided over the largest crypto collapse in history.
The man who presided over the largest crypto collapse in history received his sentence today in a Manhattan federal court from US Judge Lewis Kaplan, who presided over Bankman-Fried's trial last fall.
Instead, his lawyers argued in a court filing, Bankman-Fried "eschews materialistic trappings" and suffers from a severe condition that causes his "near-complete absence of enjoyment, motivation, and interest."The federal sentencing guidelines, while advisory rather than mandatory, suggest prison term enhancements that lengthen sentences as victims’ losses increase.
His empire imploded in late 2022 as FTX filed for bankruptcy and he was arrested by authorities in the Bahamas. "He spent his customers' money, and he lied to them about it," prosecutor Nicolas Roos said in the government’s closing argument. Prosecutors have withdrawn plans to take a separate set of charges to trial alleging Bankman-Fried committed bank fraud and bribed Chinese officials.A few years after graduating from college, Sam Bankman-Fried grew worried he was not taking enough risks.
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