[ad_1]
Sam Bankman Fried, the disgraced founder of failed cryptocurrency exchange FTX, was sentenced Friday by a federal judge to 25 years in prison.
A federal jury in November 2023 convicted Bankman Friend of seven counts of fraud and conspiracy in connection with the collapse of his cryptocurrency company and affiliated hedge fund. The crime carried a maximum sentence of 110 years in prison. The U.S. government has alleged that Bankman Fried defrauded investors and customers of more than $10 billion through FTX and the cryptocurrency trading firm Alameda Research.
Prosecutors say Bankman Freed, known as “SBF,” misappropriated billions of dollars in customer funds entrusted to FTX and “misled investors and lenders” against FTX and Alameda Research. It is said that they have carried out an “extensive plan”. During the trial, Mr. Bankman Fried was on the stand for four days, testifying that he had never committed fraud and that he had no intention of defrauding FTX’s customers.
Following the jury’s verdict, Damian Williams, the U.S. attorney for the Southern District of New York, said in a statement: “Sam Bankman Freed committed one of the greatest financial frauds in U.S. history – one that would make him king of cryptocurrency. They violated a multibillion-dollar scheme that was aimed at them.” — But while the crypto industry may be new, and players like Sam Bankman Freed may be new, this kind of corruption has been around for a long time. This case has always been about lying, cheating, and stealing, and we have no patience for that. ”
FTX’s bankruptcy was revealed in November 2022 by the cryptocurrency news and data site CoinDesk, which published an article citing Alameda Research’s balance sheet, stating that many of its assets were tokens issued by sister company FTX. This happened after showing and causing a seizure of FTX’s assets.
In December 2022, Bankman Freed was arrested in the Bahamas, extradited to the United States, and released on $250 million bail with electronic monitoring and conditions to remain at his parents’ residence in Palo Alto, California.
The incident not only attracted attention in Hollywood, but also attracted widespread public interest. Bankman Freed’s horrific fall from grace has already spurred the production of multiple documentaries and is widely expected to be the basis for future films and television series. Last year, Amazon fast-tracked development on an FTX limited series project by Amazon-based AGBO Studios and the Russo Brothers, “Hunters” creator David Weil.
Investors in FTX included Endeavor’s IMG Sports division, NFL quarterback Tom Brady and New England Patriots owner Robert Kraft, according to bankruptcy court documents. FTX’s major shareholders include Dan Robes Third Point, Paradigm, Sequoia Capital, Thoma Bravo, SoftBank, New Enterprise Associates (NEA), Temasek, Tiger Global Management, and FTX’s cryptocurrency exchange. Competitor Coinbase was included.
Following FTX’s collapse and bankruptcy filing, publicists for celebrities the company has worked with, including Larry David, Tom Brady, Gisele Bündchen, Shaquille O’Neal, and Stephen Curry, have announced that they are “brand ambassadors” with FTX. He has been named as a candidate in a class action lawsuit. Acts that deceive and encourage consumers to invest in virtual currency exchanges.
[ad_2]
Source link