The court has finally given the verdict on the allegations against Sam Bankman-Fried, the founder of the well-known exchange FTX. As per the reports, the FTX founder has officially received an imprisonment sentence of 25 years after the court found him guilty of the fraud charges. This takes place a few months after Bankman-Fried’s conviction that occurred in November last year.

Bankman-Fried of FTX Gets a 25-Year Prison Sentence

There was a time when FTX and Bankman-Fried had a significant place in the crypto industry. Nonetheless, the latest news of his imprisonment plays the role of the conclusive ruling dealing with his collapse that initially started with his detainment in 2023’s December. The hearing for his sentencing happened in Manhattan. Judge Lewis Kaplan presided over the hearing.

The downfall of Bankman-Fried’s crypto exchange stands among the largest crypto controversies. Apart from that, the company’s criminal operations denoted a few of the biggest financial crimes in the history of the US. Subsequently, the founder of the firm has truly become the respective illegal activities’ face.

At the moment, nearly 450 days following his detainment, Bankman-Fried has obtained a 25-year imprisonment sentence. The judge presiding over the respective hearing was the same who supervised the criminal case of the FTX founder. The outcome of the respective case had ignited several debates between both parties. These events have ultimately led to the respective hearing.

Trending Now: Bitcoin Likely to Experience Another Price Correction: CryptoQuant

The prosecutors had requested the court to announce a 40-50-year imprisonment for Bankman-Fried. On the other hand, the legal counsel of the defendant requested the court to announce a sentence of up to 64-78 months. Nevertheless, the court did not endorse any of the respective demands. Even then, the duration of the sentence is relatively very shorter than most of the people assumed.

FTX Founder Took Away $8B in Client Assets

The jury convicted Bankman-Fried on 7 counts of allegations concerning fraud back in 2023. Particularly, the respective allegations took into account his robbery of consumer assets.  They also included Bankman-Fried’s deceit with the creditors and investors of the firm. Cumulatively, he stole up to $8B in user assets.