Former crypto tycoon Sam Bankman-Fried has been sentenced to 25 years in a United States federal prison after being found guilty of orchestrating a massive financial fraud involving $8 billion from customers of the now-defunct FTX cryptocurrency exchange.
US District Judge Lewis Kaplan delivered the verdict at a Manhattan court hearing on Thursday, dismissing Bankman-Fried’s assertion that FTX customers had not incurred losses and accusing him of perjury during his trial testimony.
The 32-year-old entrepreneur was convicted on November 2 on seven counts of fraud and conspiracy related to FTX’s collapse in 2022, a case described by prosecutors as one of the largest financial scams in US history.
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