In a landmark decision impacting both the crypto and NFT realms, Sam Bankman-Fried—the former chief of the now-ceased FTX exchange and NFT marketplace—has been sentenced to 25 years in prison.
Earlier today, Judge Lewis A. Kaplan in Manhattan sentenced Sam Bankman-Fried for fraud and conspiracy, among numerous other charges.
Despite the prosecution’s recommendation for a 40 to 50-year prison term and a federal probation officer proposing a whopping 100-year sentence, the defense argued for a significantly shorter sentence of less than seven years.
Ultimately, a 25-year sentence was imposed. Mr. Bankman-Fried reportedly apologized to FTX customers, investors, and employees, acknowledging their profound disappointment. “A lot of people feel really let down, and they were very let down,” he said.
“I’m sorry about that. I’m sorry about what happened at every stage.” He added that his decisions “haunt” him every day.
Source: CNN
The Rise and Fall of FTX
In November 2022, FTX, once valued at over $30 billion, collapsed, wiping out $8 billion in client assets and sparking numerous lawsuits.
Check out: Major Highlights of the NFT Industry in 2022 – NFT Plazas
Sam Bankman-Fried was later found guilty on charges including fraud and money laundering, leading to a historic sentence for financial crime.
In court, with his parents and elite collections by his side, the once-celebrated philanthropist saw his empire fall apart due to lost trust and financial mismanagement.
Despite efforts to mitigate his actions through his charitable work and an autism diagnosis, his attempt to influence witnesses and the glaring mismanagement exposed while facing the judge undermined his defense.
Victim testimonies underscored the devastating impact, with Judge Kaplan dismissing arguments that bankruptcy could repair the damage.
Confronted with a grim outlook and having lost his sway in the blockchain sphere, Bankman-Fried is said to be appealing his prison sentence.
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The post BREAKING: FTX Sam Bankman-Fried Faces 25-Year Prison-Term appeared first on NFT Plazas.
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