Crac Ftx, Sam Bankman-Fried sentenced to 25 years. He will have to pay 11 billion dollars

NEW YORK – The parable of the American cryptocurrency guru ended in New York: Sam Bankman Fried, founder of the online trading platform Ftx, was sentenced by a Manhattan court to 25 years in prison, less than what the prosecutors had asked for but much more than what the lawyers had hoped for.

Sam Bankman-Fried will also have to pay eleven billion dollars. The co-founder of Fx and the bottom AlamedaResearch he never admitted his responsibilities, but according to the accusation he had diverted more than eight billion dollars of deposits belonging to clients to finance a life of ultra-luxury, including the purchase of villas, houses in the Bahamas, generous political donations to Democratic Party and illegal operations to cover financial holes. “Mr. Bankman-Fried,” commented Judge Lewis Kaplan, “said some mistakes were made, but he never showed remorse for committing terrible crimes.” “They were not selfish decisions – the defendant defended himself before the verdict – they were bad decisions”.

Arrested in the Bahamas in December 2022 and released on $250 million bail, Bankman-Fried was found guilty of seven offenses related to bank fraud and money laundering in November last year. Since then the entrepreneur had been locked up in Brooklyn prison waiting to hear his sentence. Prosecutors had asked for between 40 and 50 years in prison, considered a fair sentence for one of “the biggest financial crimes in history”. According to the defendant’s lawyers, five to six years would have been appropriate for a “young person with autism who wanted to use the money for charity.” The length of the sentence, the judge explained, is linked to the risk that Bankman-Fried could commit the same crime in the future. In this case, he will be talked about again when he is 57 years old, but for good behavior the sentence could be reduced by about three years. In a very short time the Californian had transformed the FTX platform, founded in 2017, into a cryptocurrency giant valued at thirty billion dollars.

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Bankman-Fried was credited with assets of over ten billion. Then in 2022 bankruptcy revealed the chasm, which engulfed thousands of people. “My whole life is destroyed – one of the victims wrote, in a letter made public by the prosecution – I have two young children, one born just before the collapse. I looked into their eyes for weeks, thinking about how their future was stolen through no fault of their own.” “But I didn’t gamble with crypto,” she added. I just trusted Ftx.”