• Latest
  • Trending
  • All
  • Trading & Investing
  • Strategies & Techniques
  • Risk Management & Portfolio Allocation
  • Technical Analysis Tools & Indicators
  • Fundamental Analysis & Research
  • Blockchain Technology
  • DeFi & NFTs
Sam Bankman-Fried sentenced to 25 years for defrauding FTX investors

Sam Bankman-Fried sentenced to 25 years for defrauding FTX investors

April 29, 2024
What happens in crypto today? Daily Crypto News Digest

What happens in crypto today? Daily Crypto News Digest

July 2, 2025
556 million dollars into the inflow of Bitcoin ETF signals is a major shift in investor sentiment

556 million dollars into the inflow of Bitcoin ETF signals is a major shift in investor sentiment

June 12, 2025
Long and short positions in crypto, explained

Long and short positions in crypto, explained

June 11, 2025
SEI pricing forecast 2025: Short-term bearish, long-term bullish?

SEI pricing forecast 2025: Short-term bearish, long-term bullish?

May 29, 2025
Market share of centralized crypto exchanges, according to trading volume

Market share of centralized crypto exchanges, according to trading volume

May 27, 2025
Buyer and Seller Behavior: The Fundamental of Bitcoin Analyze

Buyer and Seller Behavior: The Fundamental of Bitcoin Analyze

May 25, 2025
Тор-10 best crypto indicators to learn

Тор-10 best crypto indicators to learn

May 25, 2025
The Ultimate Crypto Tools Pack – Part 2

The Ultimate Crypto Tools Pack – Part 2

May 24, 2025
Stx bullish recovery to continue

Stx bullish recovery to continue

May 24, 2025
Japan’s central bank digital currency should go big, not go home

Japan’s central bank digital currency should go big, not go home

May 23, 2025
What is it and 5 ways to avoid it

What is it and 5 ways to avoid it

May 23, 2025
X spaces repeat with bluhale

X spaces repeat with bluhale

May 5, 2025
  • Home
  • Trading & Investing
    • Risk Management & Portfolio Allocation
    • Strategies & Techniques
    • Fundamental Analysis & Research
    • Technical Analysis Tools & Indicators
  • Crypto News & Analysis
    • Bitcoin
    • Market Overview & Trends
    • Altcoins
    • Technical Analysis & Charting
  • DeFi & NFTs
    • Decentralized Finance (DeFi)
    • Non-Fungible Tokens (NFTs)
    • Exchange Hacks & Security Breaches
    • Wallet Hacking & Phishing Attacks
  • Blockchain Technology
    • Supply Chain & Logistics Solutions
    • Enterprise Adoption & Applications
    • Healthcare & Medical Innovations
    • Energy & Sustainability Initiatives
Sunday, July 6, 2025
  • Login
UnCirculars
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • Crypto News & Analysis
    • All
    • Adoption & Use Cases
    • Altcoins
    • Bitcoin
    • Market Overview & Trends
    • On-Chain Data & Metrics
    • Security & Scams
    • Technical Analysis & Charting
    What happens in crypto today? Daily Crypto News Digest

    What happens in crypto today? Daily Crypto News Digest

    556 million dollars into the inflow of Bitcoin ETF signals is a major shift in investor sentiment

    556 million dollars into the inflow of Bitcoin ETF signals is a major shift in investor sentiment

    Long and short positions in crypto, explained

    Long and short positions in crypto, explained

    SEI pricing forecast 2025: Short-term bearish, long-term bullish?

    SEI pricing forecast 2025: Short-term bearish, long-term bullish?

    Market share of centralized crypto exchanges, according to trading volume

    Market share of centralized crypto exchanges, according to trading volume

    Buyer and Seller Behavior: The Fundamental of Bitcoin Analyze

    Buyer and Seller Behavior: The Fundamental of Bitcoin Analyze

    Тор-10 best crypto indicators to learn

    Тор-10 best crypto indicators to learn

    The Ultimate Crypto Tools Pack – Part 2

    The Ultimate Crypto Tools Pack – Part 2

    Stx bullish recovery to continue

    Stx bullish recovery to continue

    Japan’s central bank digital currency should go big, not go home

    Japan’s central bank digital currency should go big, not go home

    • Bitcoin
    • Altcoins
    • Market Overview & Trends
    • Technical Analysis & Charting
    • On-Chain Data & Metrics
    • Adoption & Use Cases
    • Security & Scams
    • Opinion & Predictions
  • Blockchain Technology
    • Enterprise Adoption & Applications
    • Supply Chain & Logistics Solutions
    • Healthcare & Medical Innovations
    • Energy & Sustainability Initiatives
    • Gaming & Metaverse Infrastructure
    • Web3 Development & Decentralization
    • DAO & Governance Protocols
    • Scalability & Interoperability Solutions
    • Privacy & Security Enhancements
  • Trading & Investing
    • Strategies & Techniques
    • Risk Management & Portfolio Allocation
    • Technical Analysis Tools & Indicators
    • Fundamental Analysis & Research
    • Market Psychology & Sentiment
    • Crypto Tax Implications
    • Institutional Investment Landscape
  • DeFi & NFTs
    • Decentralized Finance (DeFi)
    • Non-Fungible Tokens (NFTs)
  • Regulation & Policy
    • Global Regulatory Landscape
    • SEC, CFTC, and Government Actions
    • Tax Implications & Reporting
    • KYC/AML Compliance & Standards
    • Institutional Investment Guidelines
    • Central Bank Digital Currencies (CBDCs)
    • Stablecoin Regulation & Oversight
    • Self-Regulatory Organizations (SROs)
  • Security & Scams
    • Exchange Hacks & Security Breaches
    • Wallet Hacking & Phishing Attacks
    • Rug Pulls & Exit Scams
    • Malware & Ransomware Threats:
    • User Education & Best Practices
    • Regulatory Frameworks & Protections
    • Insurance & Recovery Options
  • Community & Culture
    • Crypto Influencers & Thought Leaders
    • Social Media & Online Communities
    • Memes & Internet Culture
    • Crypto Art & Music
    • Events & Conferences
    • Adoption in Developing Countries
  • Opinion & Education
    • Expert Commentaries & Predictions
    • Beginner Guides & Tutorials
    • Glossary of Crypto Terms
    • Research Papers & Whitepapers
    • Podcasts & Video Interviews
    • Book Reviews & Recommendations
No Result
View All Result
UnCirculars
No Result
View All Result
Home Crypto News & Analysis

Sam Bankman-Fried sentenced to 25 years for defrauding FTX investors

by Sarah Williams
April 29, 2024
in Crypto News & Analysis
0
Sam Bankman-Fried sentenced to 25 years for defrauding FTX investors
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Sam Bankman-Fried, co-founder of FTX, will serve 25 years in prison after being found guilty of defrauding his clients, investors and lenders.

The man who presided over the biggest crypto crash in history received his sentence in a federal court in Manhattan on Thursday from US Judge Lewis Kaplan, who presided over Bankman-Fried’s trial last fall.

He faced up to 110 years. Prosecutors argued for a sentence of 40 to 50 years, while Bankman-Fried’s lawyers asked for six and a half years.

Sentences for white-collar crimes have varied in recent years, from 150 years for Bernard Madoff to 11 years for Elizabeth Holmes.

In his final statement before the judge, 32-year-old Bankman-Fried said what happened at FTX “haunts me” and that “I made a lot of mistakes.”

As CEO, “I was responsible at the end of the day.”

Bankman-Fried’s defense attorney tried to draw a distinction between his client and Madoff, who ran the largest Ponzi scheme in history.

Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, stands before U.S. District Judge Lewis Kaplan as he is sentenced to 25 years in prison, at Federal Court in New York City, U.S., March 28, 2024 in this courtroom sketch.  REUTERS/Jane Rosenberg

FTX cryptocurrency exchange founder Sam Bankman-Fried stands before U.S. District Judge Lewis Kaplan as he is sentenced to 25 years in prison, in this courtroom sketch. REUTERS/Jane Rosenberg (Reuters)

“Madoff stole from Holocaust survivors,” his lawyer said. “That’s not Sam. He didn’t want to inflict personal pain on anyone in any way. Sam wasn’t a ruthless financial serial killer. He wasn’t predatory. He made decisions with math in his head, not malice in his heart. “

Dozens of FTX victims, including those who said they lost their life savings due to the cryptocurrency’s demise, submitted letters urging Kaplan to impose a harsh sentence.

The federal sentencing guidelines, though advisory rather than mandatory, suggest prison enhancements that lengthen sentences as victims’ losses increase.

Kaplan had to weigh the billions that prosecutors say Bankman-Fried stole from FTX customers against claims made by FTX that those harmed could be fully repaid through FTX’s bankruptcy.

In January, lawyers for the defunct exchange told a Delaware bankruptcy court judge that a plan for FTX to fully repay customers and general unsecured creditors was “within reach.”

But the judge was not sympathetic to that claim, calling the claim “misleading” and “speculative.”

Kaplan also had some strong words for Bankman-Fried before handing down his sentence, citing the “nonsense” of his actions, his “exceptional flexibility with the truth” and “his apparent lack of any remorse.”

“He knew it was wrong,” added the judge.

Rise and fall

The sentencing of Bankman-Fried completes a dramatic fall for a one-time billionaire who ran the world’s second-largest crypto exchange and was the face of a boom in digital assets during the early years of the pandemic.

Story continues

His empire exploded in late 2022 when FTX filed for bankruptcy and he was arrested by authorities in the Bahamas.

His trial last fall captivated the financial world. A 12-person jury ultimately sided with prosecutors who argued that Bankman-Fried intentionally stole up to $14 billion in customer deposits from his cryptocurrency in a scheme he ran with three of his top executives.

The group, prosecutors alleged, allowed Bankman-Fried’s sister crypto-trading firm Alameda Research “secret” backdoor access to FTX’s customer deposits, then spent the money on investments, loan repayments, political donations and real estate.

“He spent his clients’ money, and he lied to them about it,” prosecutor Nicolas Roos said in the government’s closing argument.

The other three FTX executives — Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and FTX engineering director Nishad Singh — pleaded guilty to fraud charges and testified against Bankman-Fried under plea deals with the government.

They are expected to be sentenced later in 2024.

Bankman-Fried testified that poor business decisions and management error — and not fraud — were to blame for the undoing of his cryptocurrency exchange.

“Did you cheat on someone?” During the defendant’s risky venture, Bankman-Fried’s lawyer, Mark Cohen, asked him to take the stand in the final days of the trial.

“No, I haven’t,” answered Bankman-Fried.

Thursday’s sentencing ends all criminal cases against Bankman-Fried. Prosecutors have withdrawn plans to take to trial a separate set of charges alleging Bankman-Fried committed bank fraud and bribed Chinese officials.

However, Bankman-Fried can still appeal his conviction and sentence.

Alexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on Twitter @alexiskweed.

Click here for the latest crypto news, updates and more related to ethereum and bitcoin prices, crypto ETFs and cryptocurrency market implications

Read the latest financial and business news from Yahoo Finance

Disclaimer for Uncirculars, with a Touch of Personality:

While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.

No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.

And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.

Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!

UnCirculars – Cutting through the noise, delivering unbiased crypto news

Share196Tweet123
Sarah Williams

Sarah Williams

With years of experience dissecting financial markets, Sarah brings clarity and insight to the ever-evolving crypto landscape. Her engaging prose cuts through the noise, keeping you informed about global trends and breaking news.

UnCirculars

Copyright © 2024 UnCirculars

Navigate Site

  • About Us
  • Advertise
  • Terms of Use
  • Disclaimer
  • Privacy Policy
  • Contact Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Trading & Investing
    • Risk Management & Portfolio Allocation
    • Strategies & Techniques
    • Fundamental Analysis & Research
    • Technical Analysis Tools & Indicators
  • Crypto News & Analysis
    • Bitcoin
    • Market Overview & Trends
    • Altcoins
    • Technical Analysis & Charting
  • DeFi & NFTs
    • Decentralized Finance (DeFi)
    • Non-Fungible Tokens (NFTs)
    • Exchange Hacks & Security Breaches
    • Wallet Hacking & Phishing Attacks
  • Blockchain Technology
    • Supply Chain & Logistics Solutions
    • Enterprise Adoption & Applications
    • Healthcare & Medical Innovations
    • Energy & Sustainability Initiatives

Copyright © 2024 UnCirculars