Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors

FILE - FTX founder Sam Bankman-Fried leaves Federal court on July 26, 2023, in New York. The former crypto mogul faces the potential of decades in prison when he is sentenced Thursday, March 28, 2024, for his role in the 2022 collapse of FTX, once one of the world’s most popular platforms for trading digital currency. FILE - FTX founder Sam Bankman-Fried leaves Manhattan federal court, June 15, 2023, in New York.

Bankman-Fried’s attorneys, friends and family have urged leniency, saying he is unlikely to reoffend again. They also say FTX’s investors have largely recovered their funds — a claim disputed by bankruptcy lawyers, FTX and its creditors.Prosecutors seek from 40 to 50 years in prison for Sam Bankman-Fried for cryptocurrency fraud

Bankman-Fried was worth billions of dollars on paper as the co-founder and CEO of FTX, which was the second-largest cryptocurrency exchange in the world at one time.

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FTX Founder Sam Bankman-Fried Sentenced to 40-50 Years in Prison for $8 Billion TheftSam 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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DOJ's Proposed 50-Year Sentence for Sam Bankman-Fried 'Disturbing,' FTX Founder's Lawyers SayNikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
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