Co-founder of FTX and wonder of the cryptocurrency world, Bankman-Fried himself was sentenced to 25 years in federal prison and pay back more than $11 billion for his conviction on charges related to fraud and money laundering.
Bankman-Fried, 32, He faced a maximum sentence of more than 100 years for the seven crimes.including several fraud and money laundering charges, but prosecutors were seeking between 40 and 50 years.
In the meantime, Mladic’s lawyers asked for 5 years and three months to 6 and a half yearssince they assured that they intend to return the looted money to the injured parties.
He made the final decision Judge Lewis Kaplanwho presided over the month-long trial in November and also oversaw the case between writer E. Jean Carroll and former US President Donald Trump.
Bankman-Fried, who at the age of 30 was already a millionaire thanks to the cryptocurrency platform FTXhe addressed the court directly saying that he was sorry for what had happened and that there were things he “should have done and things he shouldn’t have done”.
A young man too he admitted he made “a series of bad decisions” as FTX CEO and even praised his former business partners, such as co-founder Gary Wang and his ex-girlfriend Caroline Ellison, who testified against him.
Together, everyone “they built something beautiful”Bankman-Fried said.
Millions of people have been affected by the fraud scheme and the subsequent bankruptcy of FTX and other companies founded by Bankman-Fried.
Judge Kaplan said today that he found the amount of damages for the victims of the Bankman-Frieda crime to exceed 550 million dollarsthe upper end of the range given by federal sentencing guidelines.
FTX has stated that it expects liquidation and a refund customers “in full”.
FTX, which was one of the largest cryptocurrency platforms in the world and It is estimated at 32 billion dollars.it sank in November 2022 after many users rushed to withdraw their funds due to reports that questioned the company’s solvency.
Bankman-Fried himself went from posing on the covers of the American media as a “miracle” from the world of cryptocurrencies in just one year to appeared in handcuffs on the news as he was indicted on federal fraud and money laundering charges.
Source: Panama America
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
