Sam Bankman Fried sentenced to 25 years in prison over FTX collapse

In USA, former Cryptocurrency entrepreneur Sam Bankman Fried has been sentenced to 25 years in prison for a major fraud case linked to the collapse of FTX. He was found guilty of stealing 8 billion US dollars from the customers. The court also imposed an 11 billion dollar forfeiture order and authorized the government to repay victims with seized assets.

 

The US court found that FTX customers lost 8 billion dollars while FTX’s equity investors lost 1.7 billion dollars and that lenders to the Alameda Research hedge fund founded by Bankman-Fried lost 1.3 billion dollars.

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