Today comes the punishment: Risks 40 to 50 years in prison

On Thursday, FTX founder Sam Bankman-Fried will face sentencing in a federal court in New York.

In November last year, the 32-year-old was found guilty of seven charges that held him responsible for stealing approximately 10 billion dollars from customers and investors in the crypto exchange FTX.

According to the ruling, he used the money to make risky investments, buy luxury housing, participate in a star-studded PR campaign and make large donations to political and charitable purposes via the Alameda Research hedge fund. He established the fund in 2017, two years before he launched the crypto exchange FTX.

According to CNBC, the prosecution wants the crypto entrepreneur to be sentenced to between 40 and 50 years in prison. The defense lawyers, on the other hand, want a sentence of between five and six and a half years.

Still, CNBC reports that the crypto founder now faces 110 years in prison, after Judge Lewis Kaplan increased the sentencing guidelines, following findings that Bankman-Fried had given false testimony during the trial.

CNBC also writes that Bankman-Freid wants to appeal the verdict from November.