In a historic decision that affects both cryptocurrencies and nft KingdomsSam Bankman-Fried, former head of the now-defunct FTX exchange and nft Market—has been sentenced to 25 years in prison.
Earlier today, Judge Lewis A. Kaplan in Manhattan convicted Sam Bankman-Fried of fraud and conspiracy, among many other financially based charges.
Despite the prosecution's recommendation of a 40- to 50-year prison sentence and a federal probation officer proposing a whopping 100-year sentence, the defense argued for a significantly shorter sentence, less than seven years.
In the end, a 25-year sentence was imposed. Bankman-Fried reportedly apologized to FTX customers, investors and employees, acknowledging his deep disappointment. “A lot of people feel really disappointed, and they felt very disappointed,” she said.
“I'm sorry for that. I'm sorry for what happened at every stage.” He added that his decisions “haunt” him every day.
Source: CNNThe Epic Decline of a Web3 Titan
In November 2022, FTX, once valued at more than $30 billion, collapsed, wiping out $8 billion in customer assets and sparking numerous lawsuits.
Verify: 2022 nft Highlights: The Highs and Lows of a Tumultuous Year (nftplazas.com)
Sam Bankman-Fried was later found guilty of charges including fraud and money laundering, earning him a landmark sentence for financial crime.
Victim testimonies underscored the devastating impact, and Judge Kaplan also dismissed arguments that bankruptcy could repair the damage.
Facing a bleak outlook and having lost his dominance in the blockchain sphere, Bankman-Fried is said to be appealing his quarter-century behind bars.
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