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Bankman-Fried, 32, was convicted in November of fraud and conspiracy - a dramatic fall from a year earlier when he and his companies seemed to be riding a crest of success that resulted in a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady and comedian Larry David.
Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing US$8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded.
Sam Bankman-Fried, the former billionaire cryptocurrency wunderkind, is to be sentenced on Thursday after his conviction for stealing $8bn (R152.46bn) from customers of the now-bankrupt FTX exchange he founded.
Sam Bankman-Fried went from cryptocurrency golden boy to the face of the industry's collapse. The founder and former CEO of the massive cryptocurrency exchange FTX was sentenced to 25 years in prison Thursday after being convicted of fraud for stealing at least $10 billion from customers and investors. Nov. 2: Coindesk reports Alameda Reseach, Bankman-Fried's cryptocurrency trading firm, holds a large amount of FTT, a token issued by FTX, suggesting the finances of the two are intertwined and Alameda faces a cash crunch. The report spooks participants in the crypto market.
Sam Bankman-Fried, the convicted FTX founder, apologized to his former customers in a federal court on Thursday, saying his “useful life is probably over.”