Sam Bankman-Fried received a 25-year prison sentence on Thursday for his involvement in defrauding users of the collapsed cryptocurrency exchange FTX.
During the sentencing, U.S. District Judge Lewis Kaplan criticized Bankman-Fried’s defense arguments and highlighted his obstruction of justice and witness tampering.
Bankman-Fried, dressed in a beige jailhouse jumpsuit, expressed remorse for his actions, admitting to selfish decisions that led to the downfall of FTX.
Despite prosecutors seeking a maximum of 50 years, Bankman-Fried’s legal team argued for a maximum of 6½ years. In response to the sentencing, U.S. Attorney Damian Williams emphasized the severity of Bankman-Fried’s fraud, while Attorney General Merrick Garland underscored the consequences of financial crimes.
Bankman-Fried plans to appeal both the conviction and the sentence, with his parents expressing their heartbreak and determination to support their son.
Despite pleas for leniency citing mental health struggles and personal generosity, prosecutors argued for a harsher sentence due to the brazenness of the crime, the extent of the victims’ losses, and Bankman-Fried’s apparent lack of remorse.
Testimonies from victims highlighted the devastating impact of Bankman-Fried’s actions, with one individual describing the destruction of their life and the toll it took on their family.
