FTX co-founder Sam Bankman-Fried will spend 25 years behind bars after being sentenced for his role in the company’s cryptocurrency exchange scandal. This comes four months after he was found guilty of orchestrating the multibillion-dollar fraud leading to the collapse of FTX in 2022.
The 32-year-old Bankman-Fried, once hailed as the “Crypto King,” was convicted by a federal grand jury in New York City back in November on all counts of fraud and conspiracy he faced. Federal prosecutors were seeking as much as 50 years while Bankman-Fried’s defense team asked for six and a half years or less.
Bankman-Fried apologized to the court on Thursday and said the collapse of the company haunts him every day.