Former cryptocurrency mogul Sam Bankman-Fried (SBF) has been sentenced to 25 years in prison and fined $11 billion for his involvement in the FTX scandal, termed the “largest financial fraud case in American history.”
The trial unfolded over several months, with SBF convicted on seven charges, including fraud and money laundering. Despite seeking leniency and justification, his nearly 20-minute statement of regret was deemed insincere by the judge.
Prosecutors accused him of misusing funds and succumbing to market pressures, leading to FTX’s bankruptcy and clients losing approximately $10 billion. SBF intends to challenge the verdict and appeal his conviction.
