Hey folks.
Early today I shared about the former crypto billionaire Sam Bankman Fried convicted of fraud and money laundering last year will return to court in New York to receive a penalty for his crimes.
Now as per the latest reports, the co founder of FTX, will serve 25 years in prison after being declared guilty of defrauding his customers, investors etc.
Sam Bankman Fried who presided over the largest crypto collapse in history on Thursday received his sentence in a Manhattan federal court from the United States Judge Lewis Kaplan, who oversaw the trial of Sam Bankman last year.
He may have lived for 110 years. While Bankman-Fried's attorneys requested a sentence of six and a half years, the prosecution argued for a term of forty to fifty years.
In recent years, sentences for white color crimes have varied, from Bernard Madoff's 150 years to 11 years for Elizabeth Holmes.
In his final statement, Sam Bankman Fried shared what happened at the crypto exchange haunts him and that he made a lot of mistakes. Sam Bankman also stated that as CEO he was responsible at the end of the day.
The defense lawyer of Sam Bankman tried to draw distinction between his client and Madoff, who ran the biggest ponzi scheme in history.
Several victims of FTX who lost their life savings with the collapse of the exchange submitted letters urging judge Kaplan of imposing a harsh sentence.
Sam Bankman Fried, who once was a billionaire running the world's largest crypto exchange and constituted the face of a digital asset boom in the early years of the pandemic, the sentencing completes a dramatic fall for him.
Hive:
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