Sam Bankman-Fried, the creator of one of the largest crypto platforms FTX, has been sentenced to 25 years in prison by a US court. Earlier he was found guilty of organizing financial fraud, which led to the embezzlement of $ 8 billion from customers.
The judiciary obliged the businessman to pay a fine of 11 billion dollars, part of which will be used to compensate victims, reports The Washington Post. The court criticized the defendant for "failing to acknowledge his role in the disaster he caused."
Federal Judge Lewis Kaplan, who handed down the verdict, noted:
"Mr. Bunkman-Fried admits that mistakes were made .... but shows no remorse for his egregious misconduct."
Founded in 2019, FTX was valued at $32 billion by November 2022. However, its value plummeted to zero shortly after journalistic revelations revealed that another major venture of Bankman-Fried's largely owned digital assets issued by his exchange.
According to the jury's verdict, the entrepreneur transferred deposits from #FTX customers as loans to his investment company, #Alameda Research, which then used the funds to pay off debts and lend to the entrepreneur for trading purposes. He argued at trial that he was unaware of the unlawful nature of his actions.
