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The founder of FTX, Sam Bankman-Fried, has been handed a 25-year prison sentence after being convicted of fraud and conspiracy. Prosecutors initially sought a harsher sentence of 40 to 50 years, while Bankman-Fried's defense team argued for a more lenient term of over 5 years.
According to Judge Lewis Kaplan, the FTX founder showed little remorse for his crimes, with Reuters quoting him as saying: "He knew his actions were criminal. He only regrets underestimating the chances of being caught, but he does not admit guilt, which is his right." The judge also deemed the assurances of refunds to customers and investors as 'misleading, inaccurate, and speculative'.
During the trial, Bankman-Fried expressed regret for the suffering of customers and apologized to former FTX employees. He maintained that his intentions were never to defraud or steal, despite being found guilty by a US jury in November 2023 of a billion-dollar fraud involving the crypto exchange FTX. It was revealed that he transferred $8 billion from the platform to his investment fund, Alameda Research, leading to a lack of liquidity and the eventual bankruptcy of FTX when customers tried to withdraw their funds.
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