Sam Bankman-Fried sentencing
Disgraced FTX CEO Sam Bankman-Fried was sentenced on Thursday for the implosion of the crypto trading firm which erased over $1 billion in customer assets.
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Sam Bankman-Fried has been sentenced to 25 years in prison, less than 110 years he was facing.
-Sentenced to 25 years, his team will appeal
-Must repay $11 billion - technically it is believed he has no assets
-Recommended to serve sentence at medium security prison in San Francisco to be able to see his parents
-Bureau of Prisons will have final say
Barbara Fried and Joseph Bankman, SBF's parents, are attending their son's sentencing in a New York City courtroom. The two are under fire themselves for the role they played in the operations of FTX.
REUTERS/Brendan McDermid
Sam Bankman-Fried is facing nearly half a century in prison for defrauding investors. Legal experts weigh in on how Judge Lewis A. Kaplan may rule.
FTX CEO John J. Ray III submitted a victims statement to Judge Lewis A. Kaplan on behalf of all the creditors who lost money following the collapse of the crypto trading firm due to the negligence of Sam Bankman-Fried. He describes being handed a "dumpster fire" and the challenges of having to reorganize and the suffering the victims continue to deal with.
Bitcoin has rebounded sharply since the collapse of FTX when it traded as low as $15,000. With the recovery, SBF's team has alluded to the recovery and the potential it could make restitution easier for creditors that lost money. It's unclear if that argument is valid and/or if it will play a role in the sentencing by Judge Lewis A. Kaplan.
Sam Bankman-Fried's trial, which spanned five weeks, saw the testimony of former colleagues and former friends, as well as his ex-girlfriend Caroline Ellison who set the stage for the disgraced crypto king.
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