Home King of Crypto SBF jailed for 25 years in New York

King of Crypto SBF jailed for 25 years in New York

This morning we reported that disgraced crypto magnate Sam Bankman-Fried was due to be sentenced in New York this morning, with the Prosecution looking for between a 40-50 year term and SBF’s defense team arguing a five-year term would be more acceptable.

The judge meanwhile had the ability to lock up Bankman-Fried and effectively throw away the key with a 110-year sentence but has just issued a 25-year sentence for his part in the collapse of the FTX cryptocurrency exchange.

Bankman-Fried was found guilty by the jury after just over five hours of deliberation last November.

Bankman-Frieds’ FTX had a $10 billion black hole in its accounts after money belonging to customers was used to make risky bets on crypto. A scheme that was to go horribly wrong.

FTX was valued at $32bn before it went bankrupt with Sam Bankman-Fried crafting an image that drew in celebrities, politicians, and business titans, according to the BBC.

Bankman-Fried’s victims remain out of pocket and while they may get some losses back, it is unlikely everybody will come out of the scandal unscathed.

Prosecutors described Bankman-Fried’s crimes as one of the biggest financial frauds in the history of the United States.

Handing down the sense Judge Lewis Kaplan said that despite “protestations of sorrow” about customer losses there was “never a word of remorse for the commission of terrible crimes”.

The judge refused to accept Bankman-Fried’s claim that his victims would be paid back in full as “misleading and logically flawed”.

“A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back what he stole.”

Earlier today Bankman-Friend took the stand and, while stopping short of a full apology said he had made a series of bad decisions that haunt him every day.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Paul McNally
Gaming Editor

Paul McNally has been around consoles and computers since his parents bought him a Mattel Intellivision in 1980. He has been a prominent games journalist since the 1990s, spending over a decade as editor of popular print-based video games and computer magazines, including a market-leading PlayStation title published by IDG Media. Having spent time as Head of Communications at a professional sports club and working for high-profile charities such as the National Literacy Trust, he returned as Managing Editor in charge of large US-based technology websites in 2020. Paul has written high-end gaming content for GamePro, Official Australian PlayStation Magazine,…

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.