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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