Crypto Founder Bankman-Fried Sentenced To 25 Years Of Imprisonment

Mar 29, Kathmandu- An American entrepreneur, Sam Bankman-Fried has been sentenced to 25 years in prison by an American court, who was accused of major irregularities and fraud during crypto transactions.

U.S. District Judge Lewis Kaplan said that Fried has shown no remorse for the charges against him. Fried, who became a billionaire in a short period, had been claiming that he had not deliberately violated financial laws. Although Fried admitted to the court that he had made a mistake, he had no remorse for committing the financial crime.

Judge Kaplan sentenced Fried to 25 years in prison and ordered that he be placed on supervised probation for an additional three years. Fried was also ordered to pay $11 billion in restitution. The court found that he had stolen this amount from various individuals and organizations.

Fried rose to the top of the crypto world in a short period, becoming a billionaire before the age of 30. He succeeded in transforming FTX Crypto, which started as a small startup in 2019, into the second-largest cryptocurrency in the world. However, in November 2022, Fried's downward journey began. According to Alameda Research, Fried moved billions of dollars from FTX to his private hedge fund.