FTX Founder SBF to Serve 25 Years in Prison: What Happened in the Case?

Crypto exchange FTX’s founder Sam Bankman-Fried (SBF) has been sentenced to 25 years in prison.

The Southern District of New York US District Court announced its final decision on Thursday, March 28, concerning Sam Bankman-Fried. The court sentenced SBF to 24.5 years in prison for seven counts of fraud and conspiracy. In addition, he was fined $11 billion.

In tandem with the sentence, Judge Lewis Kaplan stated in the announcement that SBF was aware of what would happen before the collapse:

He knew what he was doing was wrong. He knew it was illegal.

According to court documents, the prison term was below the 15 years suggested by the prosecutors. Some factions of the crypto community found the punishment lenient for SBF, who caused losses totaling billions of dollars to millions of people.

Judge Kaplan requested SBF to serve his sentence in a medium or low-security prison near the California Bay Area. Additionally, it was noted that SBF’s lack of social skills and association with a vast fortune could make him a target for other inmates.