Bankman-Fried was the founder of the once very successful-looking crypto exchange FTX. However, he channeled customer assets to his investment fund Alameda Research and then used them to make risky investments. When customers could not access their money, FTX went bankrupt.
$8 billion
Prosecutors accused Bankman-Fried of stealing $8 billion from his clients.
‘SBF’ was found guilty by a jury in November of seven charges of fraud and conspiracy. His sentence will be announced later this month. The maximum sentence he could receive is 110 years. Bankman-Fried himself argued for a much lower prison sentence at the end of last month, of a maximum of 6.5 years.
He previously admitted to making mistakes in the run-up to the bankruptcy of FTX, but denies stealing from his customers.
2024-03-15 21:41:14
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