Photo credit © Reuters
by Luc Cohen
NEW YORK (Reuters) – The founder of the cryptocurrency platform FTX, Sam Bankman-Fried, was sentenced on Thursday to 25 years in prison for embezzling $8 billion of FTX customer funds from its creation in 2019 until to its bankruptcy in 2022.
This conviction marks the final chapter in the descent into hell of this cryptocurrency guru, a major donor to the Democratic Party.
The 32-year-old former billionaire, who faced up to 115 years in prison, was found guilty last November of seven counts of fraud and conspiracy brought against him.
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Sam Bankman-Fried had pleaded not guilty to all charges against him. He admitted inadequate risk management but denied stealing funds.
The prosecution had requested a prison sentence of 40 to 50 years in what it considered to be one of the biggest financial scandals in the history of the United States.
Sam Bankman-Fried was accused of embezzling billions of dollars through a scheme using FTX client funds to repay debts and make investments.
(French version Zhifan Liu, edited by Kate Entringer)
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