The 32-year-old was found guilty last November of having stolen 8 billion dollars from customers and investors in FTX.
Prosecutors have described the case as one of the biggest fraud cases in American history. The authorities believe the money was used to carry out risky investments, buy luxury housing, participate in a star-studded PR campaign and make large donations to political and charitable purposes via the hedge fund Alameda Research. He established the fund in 2017, two years before he launched the crypto exchange FTX.
– He knew it was wrong. He knew it was criminal. He regrets making a very bad bet on the chance of being caught. But he’s not going to admit anything, and he has the right to, said judge Lewis Kaplan before he read out the sentence.
Bankman-Fried was prosecuted after the crypto exchange FTX collapsed in November 2022. In November last year, he was found guilty of a total of seven cases of fraud.
The prosecution requested a prison sentence of between 40 and 50 years, while the defense requested a sentence of between five years and three months and six and a half years in prison.
Bankman-Fried has said he will appeal the sentence.
Tags: Crypto founder Sam BankmanFried sentenced years prison
