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Sam Bankman-Fried sentenced to 25 years in jail for FTX fraud

FTX co-founder Sam Bankman-Fried has been sentenced to 25 years in prison for his involvement in seven counts of conspiracy and fraud related to the collapse of the cryptocurrency exchange he established. The judge handed down a sentence of 240 months for four charges and 60 months for two others, along with ordering Bankman-Fried to forfeit more than $11 billion, including property, as recommended by prosecutors.

The judge's decision fell short of the 40 to 50 years requested by prosecutors, but exceeded the defense's plea for six and a half years, though it was notably less than the maximum sentence of 110 years.

During the trial, it was revealed that Bankman-Fried was aware of the risks FTX faced, misused customer funds, and knowingly engaged in wrongful activities. He justified his actions by weighing the risk of getting caught against potential gains. The judge dismissed claims that customers would be reimbursed, highlighting that FTX customers suffered losses of $8 billion and that Bankman-Fried attempted to manipulate witnesses and provided false testimony.

Despite FTX's success as a major cryptocurrency exchange, Bankman-Fried's trial exposed fraudulent practices, including falsifying data and granting preferential treatment to his trading fund. Bankman-Fried's own testimony was unconvincing, contributing to a swift conviction.

Bankman-Fried's behavior, including violating bail conditions and tampering with witnesses, led to his early incarceration. His lawyers argue against the recommended 100-year sentence, citing differences in circumstances compared to other cases like Bernie Madoff's, whose sentence was largely symbolic due to his advanced age.

Bankman-Fried's time in jail has been difficult, marked by health issues and extortion attempts. Despite claims of remorse from his legal team, his actions and performance during the trial suggest otherwise.

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