Sam Bankman-Fried sentenced to 25 years in prison for FTX fraud

Sam Bankman-Fried, a 32-year-old cryptocurrency entrepreneur, was sentenced to 25 years in prison for stealing approximately $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded. The sentence was handed down by US District Judge Lewis Kaplan following Bankman-Fried's conviction on seven fraud and conspiracy counts stemming from the collapse of FTX in 2022. The jury found that Bankman-Fried knew his actions were wrong, with Kaplan adding that he regretted making a bad bet about getting caught. The judge also ordered a forfeiture of $11 billion but did not order restitution. US prosecutors had sought a prison term of between 40 to 50 years. Bankman-Fried was previously worth $26 billion before joining the cryptocurrency sector. The judge called out Bankman-Fried for witness tampering and enumerated three specific instances. Sentencing took place in a Manhattan courtroom.