In a groundbreaking decision that affects both the crypto and crypto sectors NFT realmsSam Bankman-Fried – the former head of the now defunct FTX exchange and NFT marketplace– has been sentenced to 25 years in prison.
Earlier today, Manhattan Judge Lewis A. Kaplan convicted Sam Bankman-Fried of fraud and conspiracy, among numerous other financial charges.
Despite the prosecution’s recommendation for a sentence of 40 to 50 years and a federal probation officer suggesting as much as 100 years in prison, the defense argued for a significantly shorter sentence of less than seven years.
Ultimately, a prison sentence of 25 years was imposed. Mr Bankman-Fried has reportedly apologized to FTX customers, investors and employees and acknowledged their deep disappointment. “A lot of people really feel let down, and they were really let down,” he said.
“I’m sorry about that. I’m sorry about what happened at every stage.” He added that his decisions “haunt” him every day.
Source: CNNThe epic demise of a Web3 Titan
In November 2022, FTX – once valued at more than $30 billion – collapsed, wiping out $8 billion in customer assets and spawning numerous lawsuits.
Checking out: NFT Highlights of 2022 – The Highs and Lows of a Tumultuous Year (nftplazas.com)
Sam Bankman-Fried was later found guilty of fraud and money laundering, among other charges, leading to a historic sentence for financial crimes.
Testimony from victims underlined the devastating impact, with Judge Kaplan also rejecting arguments that bankruptcy could repair the damage.
Facing a bleak prospect and having lost his influence on the blockchain sphere, Bankman-Fried would appeal his quarter century behind bars.