Crypto fraudster Sam Bankman-Fried must go to prison for 25 years | Economy

The 32-year-old entrepreneur has been convicted of siphoning off 8 billion dollars (7.4 billion euros) from customers. That makes it one of the largest financial frauds ever.

FTX folded in the fall of 2022, after the platform had grown rapidly. SBF, as the former CEO was called, channeled funds from FTX to sister company Alameda Research. He thus made risky investments.

The platform already ran into problems earlier in 2022. When investors subsequently demanded their money, the company could no longer keep its head above water. Bankman-Fried has been charged with fraud and conspiracy, among other things.

The fall shocked the crypto world. First, many FTX investors have been duped. In addition, the prices of crypto coins fell sharply, which also affected other investors. For example, bitcoin, the best-known digital currency, lost almost a quarter of its value.

The American entrepreneur admits that he made mistakes, but not that he committed fraud. Bankman-Fried could have received a maximum prison sentence of 110 years.

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