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Crypto whiz-kid, Bankman-Fried, jailed 25 years over FTX collapse

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The co-founder of a cryptocurrency exchange, FTX, Sam Bankman-Fried, has been sentenced to 25 years in prison for his role in the collapse of the platform.

He will also forfeit more than $11 billion, showing the magnitude of the financial damage caused by his action, culminating in a high-profile case that rocked the crypto industry.

The 32-year-old was convicted in November on charges of fraud and conspiracy following a precipitous fall from grace.

In his ruling at the federal court in Manhattan, the United States District Judge, Lewis A. Kaplan, expressed concern about the potential for Bankman-Fried to engage in further misconduct in the future, emphasizing the seriousness of the risk.

READ ALSO: Coinbase ends loan option for Bitcoin traders amid FTX failure

The government had highlighted the severity of the charges and sought a sentence of up to 50 years for the disgraced crypto whiz-kid.

Bankman-Fried, once a billionaire, now faces the prospect of spending decades behind bars after he was found guilty of orchestrating a fraud scheme that siphoned billions of dollars from FTX customers.

His sentencing comes as the final act in a saga that has cast a shadow over the crypto world.

By: Babajide Okeowo

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