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FTX Founder Sam Bankman-Fried Sentenced to 40-50 Years in Prison for $8 Billion Theft

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Sam Bankman-Fried,FTX,Cryptocurrency

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, has been convicted of stealing $8 billion from customers and has been sentenced to 40 to 50 years in prison. Prosecutors stated that Bankman-Fried defrauded investors, customers, and lenders during the collapse of his crypto empire. Despite the conviction, Bankman-Fried refuses to admit his wrongdoing. His lawyers argue for a prison term of 5¼ to 6½ years.

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, has been convicted of stealing $8 billion from customers and has been sentenced to 40 to 50 years in prison. Prosecutors stated that Bankman-Fried defrauded investors, customers, and lenders during the collapse of his crypto empire.

Despite the conviction, Bankman-Fried refuses to admit his wrongdoing. His lawyers argue for a prison term of 5¼ to 6½ years.

 

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Sam Bankman-Fried Should Spend 40-50 Years in Prison, DOJ SaysNikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
Source: CoinDesk - 🏆 291. / 63 Read more »