{"id":2868,"date":"2024-03-29T08:18:49","date_gmt":"2024-03-29T08:18:49","guid":{"rendered":"https:\/\/cryptofunding.vc\/?p=2868"},"modified":"2024-03-29T08:50:07","modified_gmt":"2024-03-29T08:50:07","slug":"ftxs-creator-sam-bankman-fried-handed-25-year-sentence-for-cryptocurrency-fraud-ordered-to-forfeit-11-billion-2","status":"publish","type":"post","link":"https:\/\/cryptofunding.vc\/ftxs-creator-sam-bankman-fried-handed-25-year-sentence-for-cryptocurrency-fraud-ordered-to-forfeit-11-billion-2\/","title":{"rendered":"FTX&#8217;s creator, Sam Bankman-Fried, handed 25-year sentence for cryptocurrency fraud, ordered to forfeit $11 billion"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\"><strong>Key Points<\/strong>:<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sam Bankman-Fried, the founder of FTX, received a 25-year prison term for his involvement in the securities fraud scheme that led to the downfall of his cryptocurrency exchange and its affiliated hedge fund, Alameda Research.<\/li>\n\n\n\n<li>At the Manhattan federal court sentencing, Bankman-Fried was also directed to forfeit $11 billion.<\/li>\n\n\n\n<li>&#8220;Judge Lewis Kaplan cautioned that there&#8217;s a looming risk of this individual potentially committing grave actions down the line.&#8221;<\/li>\n<\/ul>\n\n\n\n<p>FTX founder Sam Bankman-Fried received a 25-year prison sentence on Thursday for his involvement in a significant fraud and conspiracy that led to the downfall of his cryptocurrency exchange and its affiliated hedge fund, Alameda Research.<\/p>\n\n\n\n<p>Despite federal prosecutors seeking a longer sentence of 40 to 50 years, the court&#8217;s decision reflects a substantial penalty, surpassing the five to six-and-a-half years suggested by Bankman-Fried&#8217;s defense team.<\/p>\n\n\n\n<p>In delivering the sentence, Judge Lewis Kaplan expressed concerns about Bankman-Fried&#8217;s potential future actions, emphasizing the gravity of the situation and the lack of remorse exhibited by the defendant throughout the proceedings.<\/p>\n\n\n\n<p>Reflecting on Bankman-Fried&#8217;s trial testimony, Judge Kaplan criticized his evasiveness and lack of accountability, stating that his actions have tarnished his reputation globally.<\/p>\n\n\n\n<p>The jury&#8217;s conviction of Bankman-Fried on seven criminal counts further underscores the severity of his actions, which led to substantial financial losses for customers and were driven by a scheme to misuse funds for personal gain and other purposes.<\/p>\n\n\n\n<p>Despite Bankman-Fried&#8217;s attempts to downplay the situation as a liquidity crisis or mismanagement, the court found his explanations lacking credibility and emphasized the impact on affected individuals.<\/p>\n\n\n\n<p>Assistant U.S. Attorney Nicolas Roos dismissed Bankman-Fried&#8217;s portrayal of events, asserting that the collapse of FTX was the result of deliberate theft, not external factors.<\/p>\n\n\n\n<p>Bankman-Fried&#8217;s defense, highlighting his psychological struggles and personal challenges, argued for leniency, painting a picture of a troubled individual rather than a calculated criminal.<\/p>\n\n\n\n<p>However, Judge Kaplan rejected these arguments, emphasizing the tangible losses incurred by FTX customers and the need for accountability.<\/p>\n\n\n\n<p>Following the sentencing, victims of Bankman-Fried&#8217;s actions shared their experiences, highlighting the lasting impact on their lives and the severity of the betrayal they experienced.<\/p>\n\n\n\n<p>Manhattan U.S. Attorney Damian Williams condemned Bankman-Fried&#8217;s actions as one of the largest financial frauds in history, emphasizing the betrayal of customer trust and disregard for the law.<\/p>\n\n\n\n<p>Attorney General Merrick Garland warned against the belief that wealth and power could shield individuals from accountability, emphasizing the consequences of financial crimes.<\/p>\n\n\n\n<p>Despite the family&#8217;s statement expressing heartbreak and determination to support their son, Bankman-Fried plans to appeal his conviction and sentence.<\/p>\n\n\n\n<p>Meanwhile, three other individuals involved in the case await their own sentencings after pleading guilty and testifying against Bankman-Fried, underscoring the scope and complexity of the investigation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Points: FTX founder Sam Bankman-Fried received a 25-year prison sentence on Thursday for his involvement in a significant fraud and conspiracy [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-2868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - 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