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NEW YORK — Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in jail for a large fraud that unraveled with the collapse of FTX, as soon as one of many world’s hottest platforms for exchanging digital forex.
Bankman-Fried, 32, was convicted in November of fraud and conspiracy — a dramatic fall from a crest of success that included a Tremendous Bowl commercial and movie star endorsements from stars like quarterback Tom Brady, basketball star Stephen Curry and comic Larry David.
U.S. District Decide Lewis A. Kaplan imposed the sentence in the identical Manhattan courtroom the place, 4 months in the past, Bankman-Fried testified that his intention had been to revolutionize the rising cryptocurrency market along with his modern and altruistic concepts, to not steal.
Kaplan mentioned the sentence mirrored “that there’s a danger that this man might be in place to do one thing very unhealthy sooner or later. And it is not a trivial danger in any respect.” He added that it was “for the aim of disabling him to the extent that may appropriately be executed for a big time frame.”
Previous to sentencing, Bankman-Fried had mentioned, “My helpful life might be over. It has been over for some time now, from earlier than my arrest.”
Prosecutors mentioned Bankman-Fried had price clients, traders and lenders over $10 billion by misappropriating billions of {dollars} to gas his quest for affect and dominance within the new trade, and had illegally used cash from FTX depositors to cowl his bills, which included buying luxurious properties within the Caribbean, alleged bribes to Chinese language officers and personal planes.
This story might be up to date.
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