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

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

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“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. 



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