Crypto Billionaire Was Convicted And Sent To Jail

Earlier in November, the US Department of Justice arrested SafeMoon's CEO John Karony and CTO Thomas Smith.

Now, another prominent figure in the crypto industry is also behind bars.

Sam Bankman Fried, the founder of the FTX cryptocurrency exchange was sentenced to 25 years in prison by Judge Lewis Kaplan in Manhattan. 

This came after Bankman Fried was found guilty of fraud and conspiracy charges related to FTX's downfall in 2022 by causing losses of $8 billion for customers.

This was considered as looting huge money from the public. 

Though Bankman Fried claimed that customers didn't actually lose money the judge rejected his defense accusing him of lying and showing no repentance. 

While sentencing Judge Kaplan emphasized that Bankman Fried knew his actions were wrong and criminal but refused to admit guilt.

Finally Bankman Fried, dressed in a jail shirt, expressed regret for the losses suffered by FTX customers and apologized to his former colleagues.

This marks a significant downfall for Bankman Fried who was once a billionaire and political donor is now a symbol of cryptocurrency fraud. 

Despite his plans to appeal,  Judge Kaplan emphasized the severity of the losses incurred by FTX customers and investors by stating that using ill gotten gains to repay debts does not justify leniency in sentencing.