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

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

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now