US court sentences crypto tycoon Sam Bankman Freed to 25 years in prison

American entrepreneur and cryptocurrency mogul Sam Bankman Freed has been sentenced to 25 years in prison for his role in defrauding users of the failed cryptocurrency exchange FTX.

Judge Lewis Kaplan of the U.S. District Court in Lower Manhattan called the defense's arguments misleading, logically flawed and full of speculation.

Kaplan said Bankman-Freed obstructed justice and interfered with witnesses when launching a defense, which Kaplan said he took into account in his sentencing decision.

After a two-hour hearing, Judge Lewis Kaplan said Bankman-Fried knew what he was doing was a crime and regretted taking a bad gamble on his chances of being arrested. said.

Bankman Freed, wearing a beige prison jumpsuit, said apologetically that he had made a series of “selfish” decisions and “threw everything away” while leading FTX.

“It haunts me every day,” he said in a statement. “There are many mistakes I made.”

However, Bankman Freed said in court that FTX has the ability to repay customers in the event of bankruptcy.

Prosecutors said Bankman Freed defrauded unsuspecting customers of more than $10bn (£7.9bn) in “one of the largest financial frauds” in US history.

FTX was valued at $32 billion before filing for bankruptcy in 2022, and SBF has developed a public image that attracts celebrities, politicians, and businessmen.

Prosecutors had asked for a maximum sentence of 50 years, but Bankman Fried's defense team only argued for a maximum of six and a half years.

He was convicted of seven criminal charges in November and has been held at the Metropolitan Detention Center in Brooklyn ever since.

Source: dailypost.ng