Sam Bankman-Fried, fallen ‘Crypto King’, sentenced 25 years in prison for fraud

Sam Bankman-Fried, once hailed as the ‘Crypto King’, the founder of FTX cryptocurrency exchange, has been sentenced to 25 years in prison for stealing $8 billion from customers.

Former FTX CEO Sam Bankman-Fried was sentenced on Thursday, March 28, for masterminding “one of the biggest financial frauds in American history.

Fried was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering.

The trial detailed how he had taken more than $8bn (£6.3bn) from customers, and used the money to buy property, make political donations, and put toward other investments.

The court also ordered Fried to pay $11 billion along with 25 years in prison, which will be followed by three years of supervised release.

As reported, during the court proceedings, Fried showed no “real remorse”.

He said mistakes were made in dealing with the matter, however, he did not acknowledge violating any financial laws.

Nicholas Roos, assistant US attorney, said a stiff sentence should be given to Fried because “the defendant could commit crimes again”.

The billionaire-turned-defaulter once had a net worth of $26.5 billion, according to Forbes.