Sam Bankman-Fried Sentenced to 25 Years for FTX Crypto Fraud

The FTX founder's sentencing marks a significant moment in the crackdown on cryptocurrency market malfeasance.

Sam Bankman-Fried, the founder of the now-bankrupt FTX cryptocurrency exchange, has been sentenced to 25 years in prison.
The sentencing follows Bankman-Fried's conviction on seven counts of fraud and conspiracy, stemming from the 2022 collapse of FTX.
U.S. District Judge Lewis Kaplan rejected Bankman-Fried's claim that FTX customers did not actually lose money, finding that customers lost $8 billion.
Federal prosecutors had sought a prison sentence of 40 to 50 years, emphasizing the massive scale of the fraud.
Bankman-Fried's former close associates testified against him, revealing the misuse of FTX customer funds to cover losses at the Alameda Research hedge fund.