2024

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<p class="is-style-lead">FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison by Judge Lewis Kaplan.</p>
<p>According to the sentencing, he will serve 20 years and another 60 months in prison.</p>
<p>Judge Kaplan also found Bankman-Fried guilty of obstruction of justice concerning his text to the former general counsel, which was labeled witness tampering. The judge also found Bankman-Fried’s claim that he did not know Alameda was using FTX’s customer funds false.<br><br>During the sentencing, one victim, Sunil Kavuri, took the stand and expressed how Bankman-Fried’s actions impacted him and others. Kavuri mentioned at least three individuals committed <a href="https://twitter.com/innercitypress/status/1773353306401738881" target="_blank" rel="noopener noreferrer nofollow">suicide</a> because of FTX.&nbsp;</p>
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   <p lang="en" dir="ltr">Sunl: At least three people have committed suicide because of this FTX fraud. So when this FTX bankrutcy… I guess… What I feel, how it relates to Sam, it has hurt me, other co-conspirators, aiders and abetters, need to be held accountable</p>— Inner City Press (@innercitypress) <a href="https://twitter.com/innercitypress/status/1773353306401738881?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 28, 2024</a>
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<p>Bankman-Fried also made statements before the sentencing, mentioning how a series of bad decisions ruined years of hard work from his colleagues. The FTX founder mentioned several colleagues by name and expressed their passion and enthusiasm for the company. Bankman-Fried also accepted that the liquidity crisis was partly his fault and that he knew Alameda wouldn’t have survived but thought FTX would have.&nbsp;</p>
<blockquote class="wp-block-quote">
 <p>“They threw themselves into it, then I threw all that away. It haunts me every day. I made a series of bad decisions. They weren’t selfish decisions.”</p> <cite>– Sam Bankman-Fried</cite>
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<h2 class="wp-block-heading" id="sam-bankman-fried-s-court-proceedings">Sam Bankman-Fried’s court proceedings</h2>
<p>Last November, a federal jury in New York found <a href="https://crypto.news/sam-bankman-fried-list-random-bad-ideas-tucker-carlson/" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a> guilty of two fraud counts and five conspiracy charges. Since his conviction, Bankman-Fried has been detained at Brooklyn’s Metropolitan Detention Center and lost bail privileges due to accusations of witness tampering.</p>
<p>Over the past few months, there have been significant debates between Bankman-Fried’s defense team and the U.S. Department of Justice attorneys regarding the severity of his punishment. The defense suggested a sentence no longer than six years, while prosecutors argued for <a href="https://crypto.news/sam-bankman-fried-doj/" rel="noopener noreferrer nofollow">40 to 50 years</a>, citing unparalleled greed and deceit in orchestrating an $8 billion fraud.</p>
<p><a href="https://crypto.news/ftx-saga-what-happened-to-ftx/" rel="noopener noreferrer nofollow">FTX’s collapse</a> in November 2022 caused a ripple effect across the entire crypto industry. <a href="https://crypto.news/doj-victim-statements-sam-bankman-fried-sentencing/" rel="noopener noreferrer nofollow">Reports</a> from 52 customers submitted yesterday showed the severe mental impact it had on the victims.</p>
<p>Bankman-Fried and his associates intermingled the exchange’s funds with those of Alameda Research, a related hedge fund, using customer funds for personal gain. This led to an $8 billion financial gap, triggering the exchange’s downfall when numerous customers attempted to withdraw their cryptocurrency holdings.</p>

FTX founder Sam Bankman-Fried sentenced to 25 years in prison

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