Cryptocurrencies: Sam Bankman-Fried, the founder of the FTX exchange platform sentenced to 25 years in prison

Hibapress

The founder of the cryptocurrency exchange platform FTX, Sam Bankman-Fried, was sentenced Thursday to 25 years in prison, notably for fraud, criminal conspiracy and money laundering.

New York federal court judge Lewis Kaplan opted for a much harsher sentence for the fallen former tycoon than the defense recommendation of five to seven years.

During the hearing, the 30-year-old apologized, admitting to having “made a series of bad decisions”. The judge nevertheless criticized him for an “apparent absence of any remorse”.

The FTX bankruptcy is seen as the culmination of the crypto crash that began when the price of bitcoin peaked in November 2021.

More than two trillion dollars were wiped out during this major financial fraud. Sam Bankman-Fried was convicted last November of all seven counts brought against him by prosecutors, including fraud and conspiracy to commit money laundering.

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