Achi news desk-
Once dubbed the “Crypto King”, the founder of crypto currency exchange FTX, Sam Bankman-Fried, has been sentenced to 25 years in prison for stealing $8 billion from customers, Times of Hindustan reported.
Fried has been ordered to pay $11 billion plus 25 years in prison, to be followed by three years of supervised release.
The billionaire turned defaulter once had a net worth of $26.5 billion, according to Forbes. However, today his net worth has reached zero.
Fried was convicted last November of multiple charges including conspiracy to defraud, wire fraud and money laundering. He was accused of using customer funds deposited into his FTX platform to pay for his lavish lifestyle and cover losses in his hedge fund among other things.
During the trial, Fried showed no “genuine remorse”. He said mistakes had been made in dealing with the matter, but did not acknowledge any breach of financial laws.
Nicholas Roos, an assistant US attorney, said Fried should be given a harsh sentence because “the defendant could commit crimes again”.
Fried had, in November 2022, given up his role at FTX after it went bankrupt.
His parents, Stanford law professors Joseph Bankman and Barbara Fried, said outside court that “we are heartbroken and will continue to fight for our son”.
