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NEW YORK -- Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a fraud on hundreds of thousands of customers that unraveled with the collapse of FTX, once one of the world's most popular platforms for exchanging digital currency.
On Thursday, Sam Bankman-Fried was sentenced to 25 years in prison over what federal prosecutors called one of the biggest financial frauds in US history.
When I first came across Bitcoin I thought it was going to be like tulip mania. How wrong I was. The price of one Bitcoin hit $50,000 (£39,670) on its way up on Valentine’s Day this year, and reached a new high of $73,000 on March 13.
‘What the hell was going on?’ Comprehending their ex-boss’s crimes proves a challenge.
Why is this strange, digital construction so resilient, and what does that tell us?