Sam Bankman-Fried, the co-founder and CEO of the now-defunct FTX cryptocurrency exchange, has been sentenced to 25 years in prison for stealing over $8 billion from customers. The verdict was delivered by U.S. District Judge Lewis Kaplan in a Manhattan court hearing, following Bankman-Fried's conviction on seven counts of fraud and conspiracy related to FTX's collapse.

During the hearing, Judge Kaplan highlighted Bankman-Fried's lack of remorse and his false claims regarding the financial losses suffered by FTX customers. "He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right,” Kaplan said.

"Customers have been suffering... I didn't at all mean to minimize that. I also think that's something that was missing from what I've said over the course of this process, and I'm sorry for that," Bankman-Fried told the judge concerning the effect of FTX collapse on customers. "They put a lot of themselves into it, and I threw that all away. It haunts me every day,” he said about his FTX colleagues.

Bankman-Fried did not admit to criminal wrongdoing and plans to appeal the conviction and sentence.

Prosecutors had sought a longer prison term, emphasizing the significant financial losses incurred by FTX customers, equity investors, and lenders. Bankman-Fried's defense lawyer Marc Mukasey argued for a shorter sentence, portraying his client as a hardworking individual who made mistakes but did not act with malicious intent.

Bankman-Fried's defense team presented him as a math-focused individual who tried to address the issues following FTX's collapse. He acknowledged his mistakes but denied any intent to defraud or misuse funds.

"Sam Bankman-Fried doesn't make decisions with malice in his heart," Mukasey added. "He makes decisions with math in his head."

The sentencing marks a significant downfall for Bankman-Fried, once a prominent figure in the cryptocurrency industry with high-profile endorsements and ambitious goals. Prosecutors stated that he had misused funds for personal gain, including luxury purchases and alleged bribes.

The court's decision underscores the severity of financial crimes and serves as a cautionary tale for individuals operating in high-stakes industries like cryptocurrency.

Image Source: NBC News