Sam Bankman-Fried just got sentenced to 25 years in prison

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Disgraced former FTX executive Sam Bankman-Fried has just been sentenced to 25 years in prison in a sentence handed down by the Southern District Court of New York. Judge Lewis A. Kaplan announced the decision this morning.

As reported by CNN, Bankman-Fried expressed remorse for his actions and the people he hurt. “It’s been fun to watch,” he said. “Customers don’t deserve any pain.” He also admitted that a lot of time could have been spent in prison. “My useful life is probably over,” he said. “It’s been around for a while now.”

Judge Kaplan explained his reasons for handing down such a harsh sentence to one of the golden boys of the crypto community, saying that Bankman-Fried could be “in a very bad position in the future.” The sentence was issued “with the aim of preventing him from further development for a long period of time.”

Bankman-Fried is expected to appeal the decision. His security team asked for a sentence of five to 6.5 years, citing his “philanthropic work and showing dedication to others.” The group also expressed tolerance on the grounds that the victims have been cured, referring to a January bankruptcy case showing that customers and creditors will receive their money. The prosecutors, on the other hand, wanted more aggressive things. He asked for a sentence of 40 to 50 years “to reflect the seriousness of the defendant’s crimes,” US Attorney Damian Williams said. he told the court earlier this month. The maximum possible sentence was 110 years.

SBF, as it is now known, was arrested in the Bahamas back in December of 2022. He faced seven counts, including wire fraud to FTX customers, wire fraud to Alameda Research lenders, conspiracy to defraud both entities, conspiracy to defraud customers and property of FTX customers and conspiracy a money grabber. . He was found guilty of all charges.

The trial lasted a month, with prosecutors alleging that he used FTX money to keep Alameda Research company afloat. Caroline Ellison, his ex-girlfriend and CEO of Alameda, confirmed this to be true and admitted to committing fraud on behalf of Bankman-Fried. But the defendant’s lawyers tried to do so they portray him as a harmless mathematician who was fighting “powers that were outside of his control.”

Alameda borrowed more than $8 billion from FTX, money that was taken from the accounts of FTX customers. Bankman-Fried says he only learned about this in 2020 but took no action to protect the money. He stood up during the trial and said that he deeply regrets “don’t look too hard” at what was going on with all these companies. FTX fell and filed for bankruptcy in 2022.

“It is clear that I made many mistakes. There are things I would give anything to do again,” he said New York Times before the trial begins.

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