In a high-profile case, Sam Bankman-Fried, once hailed as a cryptocurrency prodigy, has been sentenced to 25 years in prison, marking a significant downfall for the former high-flyer. This ruling comes after a New York jury convicted him of major financial fraud, with prosecutors initially seeking a much longer sentence of 40-50 years.
During the sentencing, Bankman-Fried expressed regret for his actions, acknowledging the destruction of what he had once built. However, US District Judge Lewis Kaplan, presiding over the case, emphasised the gravity of the crimes committed and the lack of genuine remorse shown by the defendant.
Following the sentencing, Bankman-Fried’s legal team announced plans to appeal the conviction. The government, labelling Bankman-Fried’s actions as driven by excessive greed, had pushed for a substantial prison term, citing fraud amounting to over $10 billion. In contrast, Bankman-Fried’s defense portrayed him as a driven philanthropist who found himself overwhelmed, advocating for a shorter sentence that would facilitate his return to society.
Bankman-Fried rose swiftly in the cryptocurrency world, co-founding FTX, which rapidly became one of the largest exchange platforms globally. However, the empire collapsed in 2022 amidst revelations of risky financial maneuvers, leading to widespread panic among customers.
