25 years in prison for the fraudster Bankman-Fried

The former cryptocurrency king Sam Bankman-Fried is sentenced to 25 years in prison by a court in New York.

It was in November that the 32-year-old was found guilty of fraud and of embezzling the equivalent of SEK 90 billion. Now he had his sentence meted out. Prosecutors had asked for 40-50 years in prison as a penalty.

Bankman-Fried founded the company FTX in 2019, which quickly became one of the world’s most popular exchanges for cryptocurrency trading. He himself was seen as a child prodigy and was the face of the cryptocurrency boom – until FTX collapsed like a house of cards three years later.

When FTX crashed in 2022, it led to a crisis for the entire cryptocurrency market, both in value and confidence.