Achi news desk-
Sam Bankman Fried: FTX founder Sam Bankman Freud has been sentenced to 25 years in prison for a billion dollar fraud. This is how shocking news came to Sam Bankman, once known as the King of Crypto. In the year 2022, Sam Bankman was sentenced for his role in the downfall of FTX, one of the world’s most popular platforms for digital currency exchange. A definitive verdict was given in this 2-year-old case where billions of dollars and thousands of investors were wiped out in one fell swoop. Sam Bankman-Freud, the founder of the FTX company, was considered a ‘crypto-billionaire’ and ‘the most powerful investor in the crypto world.
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Sam is accused of one of the biggest financial frauds in American history.
US District Judge Lewis Kaplan imposed the sentence at a court hearing in Manhattan after rejecting Bankman-Freud’s claims that FTX’s clients had not actually lost money and that she lied during her trial testimony. On November 2, a US court jury found Sam Bankman-Froid, 32, guilty of seven counts of fraud and conspiracy related to the collapse of FTX in 2022. It is called one of the biggest financial frauds in American history.
FTX customers lost billions of dollars
US District Judge Lewis Kaplan said FTX clients lost $8 billion, FTX equity investors lost $1.7 billion and borrowers to the Alameda Research Bankman-Freud hedge fund lost $1.3 billion. The judge also said Bankman-Fried lied during her testimony when she said she “had no knowledge that her hedge fund spent customer deposits taken from FTX.”
Sam Bankman Freud was detained in August 2023 and arrested in December 2023
Bankman-Freud has been held at the Metropolitan Detention Center in Brooklyn since August 2023. At the time, when Kaplan’s bail was revoked after findings of possible witness tampering on at least two occasions, Kaplan said he would recommend sent Bankman-Freud to a prison near San Francisco. Sam Bankman Freud, CEO of the bankrupt crypto exchange FTX, was arrested in the Bahamas on December 13.
what is the whole matter
Sam Bankman-Fryod, the CEO of crypto exchange FTX, suddenly resigned from his position on November 11, 2022 and his FTX applied for protection under the bankruptcy law in the United States. This crypto-exchange, which is in financial crisis, gave this information in a statement on November 11. Sam Bankman-Freud’s net worth fell by almost 94 percent in 24 hours and his wealth decreased to $991.5 million, while he owner $15.2 billion. According to a Bloomberg report, this was the biggest drop in the wealth of any billionaire in 1 day.
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