Sam Bankman-Fried pictured leaving court last year Disgraced crypto king Sam Bankman-Fried has been sent to prison for 25 years as he’s sentenced for fraud and money laundering. The former billionaire has appeared in court in New York on Thursday after his cryptocurrency exchange company, FTX, went bust in 2022 with $8billion of customer funds missing.
In January 2022 FTX announced a $2billion venture fund named FTX Ventures, and a month later it announced it would start offering stock trading to US customers. It also created a gaming division to help developers add crypto, NFTs, and other blockchain assets into videogames. FTX went into bankruptcy proceedings on November 11, 2022.
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