Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, who was convicted of stealing $8 billion from his customers, was sentenced today to 25 years in prison.
Bankman-Fried, 32, was convicted last fall of seven counts of fraud, conspiracy and money laundering.
His prison sentence marks the finale of a sweeping fraud case that exposed greed and risk-taking across the loosely regulated world of cryptocurrencies.
Just 18 months ago, Bankman-Fried was considered a corporate titan and one of the youngest billionaires on the planet.
But in his remarks during his sentencing hearing in New York City today, he appeared to accept that he would be in prison for some time.
Persons:
Sam Bankman, Fried, FTX, ”
Organizations:
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Locations:
New York City