The founder of one of the largest cryptocurrency exchanges was sentenced to 25 years

The founder of one of the largest cryptocurrency exchanges FTX, Sam Bankman-Fried, was sentenced by a court in the USA to 25 years in prison. Earlier, he was found guilty of organizing financial fraud, as a result of which he stole 8 billion dollars from clients.

The court ordered the cryptoinvestor to compensate clients for damages in the amount of 11 billion dollars, — informs The Washington Post. The court declared that the accused “could not accept responsibility for the disaster he created.”

“Mr. Bankman-Fried says that mistakes were made … but he has not expressed a word of remorse for committing terrible crimes,” said federal judge Lewis Kaplan, who handed down the sentence.

Founded in 2019, the FTX exchange was estimated at $32 billion by November 2022. The value of the company was reduced to zero in a few days publications journalistic investigation, which stated that the assets of Bankman-Fried’s second large business mainly consist of cryptocurrency issued by his same stock exchange.

According to the jury’s verdict, the businessman transferred the deposits of FTX clients in the form of loans to his investment fund Alameda Research, which used these funds to pay his creditors and issued loans to the businessman himself, who used them for stock market speculation. He himself stated at the court that he did not know that he was committing illegal actions.