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The founder of one of the largest cryptocurrency exchanges was sentenced to 25 years

 

The founder of one of the largest cryptocurrency exchanges, FTX, Sam Bankman-Fried, was sentenced by a court in the United States to 25 years in prison. Previously, he was found guilty of organizing financial fraud, as a result of which he stole $8 billion from clients.

The court ordered the crypto investor to pay $11 billion in fines, part of which the government will use to compensate victims reports The Washington Post. The court said the defendant “failed to accept responsibility for the disaster he created.”

“Mr. Bankman-Fried says mistakes were made … but has not expressed a word of remorse for committing terrible crimes,” federal judge Lewis Kaplan said in handing down the sentence.

Founded in 2019, the FTX exchange was valued at $32 billion by November 2022. The company’s value dropped to zero a few days after publications journalistic investigation, which stated that the assets of Bankman-Fried’s second large business mainly consist of cryptocurrency issued by his own exchange.

According to the jury’s verdict, the businessman moved deposits from FTX clients in the form of loans to his investment fund, Alameda Research, which used the funds to pay its creditors and made loans to the businessman himself, who used them for stock speculation. He himself stated at the trial that he did not know that he was committing illegal actions.

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