Crypto entrepreneur Sam Bankman-Fried was sentenced to 25 years in prison for a massive fraud that unraveled with the collapse of FTX, once one of the world's most popular platforms for exchanging digital currency.
was sentenced on Thursday to 25 years in prison for a massive fraud that unraveled with the collapse of FTX, once one of the world's most popular platforms for exchanging digital currency.
Kaplan said the sentence reflected "that there is a risk that this man will be in position to do something very bad in the future. And it's not a trivial risk at all." Prosecutors said Bankman-Fried had cost customers, investors and lenders over $US10 billion by misappropriating billions of dollars to fuel his quest for influence and dominance in the new industry, and had illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
"Sam was not a ruthless financial serial killer who set out every morning to hurt people," Mukasey said. Two weeks ago, Mukasey attacked a probation office recommendation of 100 years in prison, saying a sentence of that length would be "grotesque" and "barbaric".
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