NEW YORK - Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday (March 28) for stealing US$8 billion (S$10.8 billion) from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind's dramatic downfall.
Sam Bankman-Fried acknowledged during 20 minutes of remarks to the judge that FTX customers had suffered and he offered an apology to his former colleagues.NEW YORK - Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing US$8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind's dramatic downfall.
Bankman-Fried, wearing a beige short-sleeve jail T-shirt, acknowledged during 20 minutes of remarks to the judge that FTX customers had suffered and he offered an apology to his former FTX colleagues - but did not admit criminal wrongdoing.Bankman-Fried stood with his hands clasped before him as Kaplan read the sentence. He then spoke with his defence lawyer Marc Mukasey briefly before being led out of the courtroom by members of the US Marshals Service.
Kaplan found that FTX customers lost US$8 billion, FTX's equity investors lost US$1.7 billion, and that lenders to the Alameda Research hedge fund Bankman-Fried founded lost US$1.3 billion. He imposed an US$11 billion forfeiture order and authorised the government to repay victims with seized assets.
Three former close associates testified as prosecution witnesses that Bankman-Fried had directed them to use FTX customer funds to plug losses at Alameda Research. All three have pleaded guilty to fraud. "Sam Bankman-Fried doesn't make decisions with malice in his heart," Mukasey added. "He makes decisions with math in his head."His parents, Stanford University law professors Joseph Bankman and Barbara Fried, attended the sentencing. Bankman held a green umbrella as they exited the courthouse into a rainy New York afternoon, their arms around each other.
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