FTX’s Sam Bankman-Fried was sentenced to 25 years in prison.
Key Takeaways
- FTX’s former CEO Sam Bankman-Fried was sentenced to 25 years in prison and faces seven felony charges for his role in the exchange’s collapse.
- Despite SBF’s expressions of remorse and his defense’s framing of him as a logical thinker rather than a malicious actor, Judge Kaplan emphasized the seriousness of his crimes and the inadequacy of a repayment plan to mitigate his harm.
- This sentencing concludes a major legal battle in the cryptocurrency world.
Sam “SBF” Bankman-Pride; Former CEO of cryptocurrency exchange FTX, He was sentenced to 25 years in prison.
The sentence was handed down by Judge Lewis Kaplan. Southern New York, comes as a result of his He was found guilty in November 2022 for his involvement in the FTX collapse. On seven felony counts.
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Before his sentence was announced; SBF said it was “sorry” and believed it could have survived if FTX had not been shut down. his lawyer said A misunderstood genius He said he had no bad intentions and acted based on logic.
but, Judge Kaplan strongly disagreed with the defense. how financial losses were dealt with; It has been made clear that the idea of repaying any loss or change in the value of a cryptocurrency does not reduce the seriousness of the crime. He said:
The punishment must be commensurate with the seriousness of the crime, and this was a serious crime. <...> Even when I’m not lying
was evasive, ruffling his hair and trying to get the prosecutor to repeat the question to him. I’ve been doing this for almost 30 years. I have never seen a performance like that.
In addition to the prison sentence, Judge Kaplan said: $11 billion fine proposed It represents the amount lost by investors, lenders and customers.
this sentence Closing an important chapter in cryptocurrency history One of the industry’s most influential legal cases has come to an end.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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