San Francisco: Sam Bankman-Fried, the co-founder and CEO of collapsed crypto change FTX, was on Thursday sentenced to 25 years in jail within the US for seven counts of conspiracy and fraud costs.
Decide Lewis Kaplan ordered a 240-month sentence and a 60-month sentence to be served consecutively, experiences The Verge.
“On obstruction of justice, I discover that Bankman-Fried’s textual content to the previous basic counsel did, actually, represent tried witness tampering. I make 3 perjury findings based mostly on trial testimony,” the decide mentioned.
The shoppers of FTX misplaced $8 billion and Bankman-Fried “falsely testified about when he discovered of the lacking $8 billion”.
Bankman-Fried is already in custody and has been residing within the Metropolitan Detention Heart (MDC) since August 11, 2023.
Final November, the FTX CEO was discovered responsible on all seven counts associated to fraud and cash laundering.
The US Lawyer’s workplace on the Southern District of New York had mentioned in a press release that he perpetrated one of many greatest monetary frauds in American historical past — a multibillion-dollar scheme designed to make him the ‘King of Crypto’.
“Whereas the cryptocurrency business could be new and the gamers like Sam Bankman-Fried could be new, this sort of corruption is as previous as time. This case has all the time been about mendacity, dishonest, and stealing, and we now have no persistence for it,” mentioned US Lawyer Damian Williams.
FTX — as soon as the world’s second-largest cryptocurrency change — filed for chapter in November 2022.
