Crypto King SBF (Sam Bankman- Fried) Sentenced To 25 Years Jail
By: Geetanjali
Sam Bankman- Fried, the crypto mogul, has been sentenced to 25 years of jail time in the U.S, on Thursday, March 28, 2024 for committing one of the largest financial crimes in history.
Founder of the “FTX cryptocurrency exchange” 32 year old SBF was booked with seven charges including fraud, money laundering, conspiracy, security and commodity frauds, in November, 2023. For which he was sentenced to 25 years of life imprisonment.
Bankman’s attorney had argued for a maximum sentence of six and a half years, stating that SBF is not a regular offender and was unlikely to reoffend. Amid all the arguments in Bnakman’s favour Judge Lewis Kaplan sentenced him 25 years of imprisonment reflecting, “that there is a risk that this man will be in position to do something very bad in the future. And it’s not a trivial risk at all.” Judge Kaplan also added, “for the purpose of disabling him to the extent that can appropriately be done for a significant period of time”.
Bankman is the second person to get such prolonged imprisonment for a white- collar financial fraud, before him stands Bernie Madoff, he was sentenced to 150 years of prison for the $20 billion Ponzi scheme in 2009 by the U.S Federal court. Though, he died around 12 years into his sentence.
While the founder and CEO of Theranos, Elizabeth Holmes. Who was convicted of four charges of defrauding her investors with her fake blood testing startup Theranos, was sentenced to 11 years and 3 months of jail time in 2022.
FAQ
Ques: Who is SBF (Sam Bankman- Fried)?
Ans: Sam Bankman Fried is the founder of FTX cryptocurrency exchange, who is recently in news for his 25 years of sentenced imprisonment in a money laundering and fraud case.
Ques: Where did Sam Bankman- Fried completed his education?
Ans: He is an MIT graduate in physics.
Ques: When was FTX cryptocurrency exchange founded?
Ans: FTX cryptocurrency exchange was founded in 2019 by Sam Bankman along with an ex-google employee Gary Wang.
Ques: What is the net worth of Sam Bankman Fried?
Ans: As of 2021, Sam Bankman Fried made it to the Forbes Billionaires list with an estimated net worth of $22 billion.
