WRITTEN BY: CHIOMA MADONNA NDUKWU
Crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison for a massive fraud scheme involving hundreds of thousands of customers.
The collapse of his platform, FTX, resulted in losses exceeding $11 billion for customers, investors, and lenders. Despite his previous success and celebrity endorsements, Bankman-Fried was convicted of fraud and conspiracy, with the judge criticizing him for perjury during the trial.
Prosecutors argued for a longer sentence, emphasizing the extent of his crimes, including misappropriation of funds and illegal activities. Bankman-Fried apologized during the sentencing but showed little remorse according to the judge. His defense portrayed him as a victim of misunderstanding, emphasizing his analytical approach to decision-making.
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