FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison for Massive Fraud and Conspiracy

FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for the massive fraud and conspiracy that doomed his cryptocurrency exchange FTX and a related hedge fund, Alameda Research. Prosecutors had wanted 40-50 years in prison, while Bankman-Fried’s lawyers suggested only 5-6.5 years. Bankman-Fried acknowledged making “selfish decisions” and said watching the effects on customers and former colleagues “haunts him daily.” The judge found over $550 million in losses and that Bankman-Fried had committed perjury and obstructed justice, increasing the maximum sentencing guidelines.