Sam Bankman-Fried: Prosecutors demand up to 50 years in prison for FTX founder

Prosecutors have a prison sentence of 40 to 50 years for the US crypto entrepreneur found guilty of fraud Sam Bankman Fried required. A harsh punishment is necessary to reflect the seriousness of the crimes committed by the founder of the digital currency platform FTX the New York City federal prosecutor’s office said.

The sentence against the 32-year-old, who was once celebrated as a crypto prodigy, will be announced on March 28th. According to media reports, his defense lawyers have argued for Bankman-Fried to be sentenced to around six years in prison.

The crypto entrepreneur was indicted last November on seven counts, including… Found guilty of fraud and money laundering been. He was accused of embezzling billions of dollars in customer funds. The public prosecutor’s office had accused him of defrauding customers of eight billion dollars out of pure greed.

The world’s second largest crypto exchange at the time FTX had gone bankrupt in November 2022, which is kind of Earthquake in the crypto world triggered. Bankman-Fried had previously embodied the rise of cryptocurrencies into a supposedly serious investment like no other. The business construct collapsed when it was revealed that FTX was partially using customer funds to support the crypto investment fund Alameda Research, also founded by Bankman-Fried. Amid a fundamental crisis in digital currencies, panicked investors withdrew their funds, leading to FTX’s bankruptcy. In the end, the equivalent of around 7.98 billion euros were missing.