FX.co ★ Sam Bankman-Fried faces 25-year sentence for FTX fraud

Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, has been sentenced to 25 years in prison, marking a dramatic shift from leading innovations in the cryptocurrency exchange to becoming a convict. The Manhattan Federal Court found his management practices of the crypto exchange, which led to its spectacular failure, less than admirable. It seems the defrauding of over $8 billion did not sit well with the judiciary. Manhattan prosecutor Damian Williams described Bankman-Fried’s actions as "one of the biggest financial frauds in history." Bankman-Fried has admitted to making "selfish decisions" that he now regrets. His legal team is already preparing an appeal, indicating that for someone accustomed to the high stakes of the cryptocurrency market, appealing a court decision might seem relatively straightforward. His defense sought a more lenient sentence of 6.5 years, highlighting his "neurodiversity" and "kindness," possibly hoping the judge would recognize good intentions behind the crypto chaos. However, Bankman-Fried received a 25-year sentence to reflect on life and the volatile nature of cryptocurrency. Meanwhile, FTX, once valued at $32 billion at the peak of the crypto market, now serves as a cautionary tale of financial mismanagement. Forbes estimates Bankman-Fried’s net worth has plummeted from $26.5 billion to zero, making it perhaps the costliest "financial rollercoaster" ever witnessed.