Mar. 28, 2024 at 12:36 am

FTX founder Sam Bankman-Fried sentenced to 25 years on crypto fraud charges

March 28, 2024no commentNo tags

FTX's former CEO and founder Sam Bankman-Fried's mother, Barbara Fried (R), and his father, Joseph Bankman, leave Manhattan Federal Court after his sentencing at Manhattan Federal Court in New York City on March 28, 2024. Disgraced cryptocurrency wunderkind Sam Bankman-Fried was sentenced to 25 years in jail on Thursday following his conviction in one of the biggest financial fraud cases in history.

Sam Bankman-Fried, the jailed founder of bankrupt cryptocurrency exchange FTX, is sworn in as he appears in court for the first time since his November fraud conviction, at a courthouse in New York, U.S. on Feb. 21, 2024 in this courtroom sketch.

Memebers of the press stand outside of the Worth Street entrance of the Patrick Moynahan Federal Courhouse on October 26, 2023 in New York City. Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, plans to make another high-stakes gamble and testify in his own defense at his criminal fraud trial.

JOHN LAMPARSKI, AFP Via Getty Images

FTX Founder Sam Bankman-Fried arrives at the US Federal Court in New York on Feb. 16, 2023. A federal judge ordered Sam Bankman-Fried back to court on Thursday after learning he used a virtual private network, or VPN to access the internet.

TIMOTHY A. CLARY, AFP Via Getty Images

Former FTX chief executive Samuel Bankman-Fried arrives at Manhattan Federal Court for his bail conditions hearing in New York City on February 9, 2023. FTX, once the world’s highest profile crypto exchange, collapsed spectacularly in November leaving nine million customers in the lurch and seeing co-founder Bankman-Fried indicted for fraud by US prosecutors.

YUKI IWAMURA, AFP Via Getty Images

Former FTX chief executive Sam Bankman-Fried arrives to enter a plea before US District Judge Lewis Kaplan in the Manhattan federal court, New York, January 3, 2023. Bankman-Fried faces criminal fraud charges over the spectacular collapse of his crypto exchange.

TIMOTHY A. CLARY, AFP Via Getty Images

This illustration photo shows a smart phone screen displaying the logo of FTX, the crypto exchange platform, with a screen showing the FTX website in the background in Arlington, Virginia on February 10, 2022. Sam Bankman-Fried donned a suit and tie this week, abandoning his preferred hoodie and dark T-shirt for a hearing before US Senators. The lawmakers had summoned the 29-year-old multi-billionaire on Wednesday to discuss the regulation of digital assets in his capacity as co-founder and CEO of the cryptocurrency exchange platform FTX.

OLIVIER DOULIERY, AFP Via Getty Images

Barbara Fried and Joseph Bankman, parents of FTX founder Sam Bankman-Fried, reacts after the verdict is read in Bankman-Fried’s fraud trial over the collapse of the bankrupt cryptocurrency exchange at federal court in New York City, U.S. on November 2, 2023, in this courtroom sketch.

JANE ROSENBERG, REUTERS

FTX founder Sam Bankman-Fried stands as the jury foreperson reads the verdict in his fraud trial over the collapse of the bankrupt cryptocurrency exchange at federal court in New York City, U.S on November 2, 2023, in this courtroom sketch.

JANE ROSENBERG, REUTERS

Former FTX developer Adam Yedidia leaves after testifying during the trial of former FTX CEO Sam Bankman-Fried at Manhattan Federal Court on October 04, 2023 in New York City. Bankman-Fried has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of the crypto exchange he founded, FTX.

Michael M. Santiago, Getty Images

Joseph Bankman and Barbara Fried, the parents of former FTX CEO Sam Bankman-Fried, arrive for the trial of their son at Manhattan Federal Court on October 05, 2023 in New York City. Bankman-Fried has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of the crypto exchange he founded, FTX.

Michael M. Santiago, Getty Images

FTX Founder Sam Bankman-Fried arrives at Manhattan Federal Court for a court appearance on March 30, 2023 in New York City. A revised indictment was filed in federal court accusing Bankman-Fried of paying a $40 million bribe to one or more Chinese government officials. He has already been charged with eight criminal counts of fraud, conspiracy, and money-laundering offenses which include making illegal political contributions.

Michael M. Santiago, Getty Images

FTX founder Sam Bankman-Fried arrives for trial at Manhattan Federal Court on March 30, 2023 in New York City. Federal prosecutors added a foreign bribery charge to the list of crimes that Bankman-Fried is already facing. The indictment accuses the FTX founder of directing $40 million in bribes to Chinese government officials to unfreeze assets related to his cryptocurrency business.

Drew Angerer, Getty Images

FTX Founder Sam Bankman-Fried arrives at Manhattan Federal Court for a court appearance on March 30, 2023 in New York City. A revised indictment was filed in federal court accusing Bankman-Fried of paying a $40 million bribe to one or more Chinese government officials. He has already been charged with eight criminal counts of fraud, conspiracy, and money-laundering offenses which include making illegal political contributions.

Michael M. Santiago, Getty Images

FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court on January 3, 2023 in New York City. Bankman-Fried, who pleaded not guilty during the court hearing, has been charged with eight criminal counts of fraud, conspiracy, money-laundering offenses which includes making illegal political contributions. He was released on $250 million bond after being extradited from the Bahamas with the bail package requiring him to stay with his parents in California as he awaits trial. Gary Wang, who co-founded the company, and Carolyn Ellison, the former CEO of Alameda, who have both pleaded guilty to fraud charges, are expected to be government witnesses during his trial.

Michael M. Santiago, Getty Images

FTX founder Sam Bankman-Fried leaves following his arraignment in New York City on December 22, 2022. New York judge Gabriel Gorenstein ordered Bankman-Fried be released on $250 million bail while he awaits trial on criminal fraud charges over the spectacular collapse of his crypto exchange.

ED JONES, AFP Via Getty Images

FTX co-founder Sam Bankman-Fried is escorted by corrections officers to the Magistrate’s Court on December 21, 2022 in Nassau, Bahamas. Reports indicate that the former crypto billionaire is preparing to be extradited to the US from the Bahamas to face charges over FTXÕs multi-billion-dollar collapse.

Joe Raedle, Getty Images

The Nassau, Bahamas, courthouse where FTX founder Sam Bankman-Fried is to appear after his arrest on December 13, 2022. US prosecutors slapped Bankman-Fried with multiple criminal charges on Tuesday for massive fraud as he built his FTX crypto empire. Bankman-Fried, who was arrested in the Bahamas December 12 at the request of the US, is facing a raft of accusations, including from US market regulators who say that the investor knowingly built a fraudulent house of cards.

KRIS INGRAHAM, AFP Via Getty Images

FTX founder Sam Bankman-Friedis led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas on December 13, 2022. Disgraced cryptocurrency tycoon Sam Bankman-Fried was hit with multiple criminal charges December 13, 2022, accused of committing one of the biggest financial frauds in US history. Bankman-Fried will serve time at The Bahamas Department of Corrections until February 8, 2023.

MARIO DUNCANSON, AFP Via Getty Images

An official vehicle escorts a Corrections van transporting FTX founder Sam Bankman-Friedarrives at the Nassau, Bahamas, courthouse on December 19, 2022. Cryptocurrency tycoon Samuel Bankman-Fried arrived at Bahamas magistrate court Monday where he could move to accept extradition to the United States to face charges over the multibillion-dollar collapse of his FTX group.

KRIS INGRAHAM, AFP Via Getty Images

Attorneys for the Southern District of New York announce the indictment of Samuel Bankman-Fried on December 13, 2022 in New York City. Bankman-Fried was the founder of the now-bankrupt FTX cryptocurrency exchange and is alleged to have schemed to misappropriate billions of dollars of customer funds deposited with FTX and to distribute tens of millions of dollars of illegal campaign contributions.

Stephanie Keith, Getty Images

John Ray, Chief Executive Officer, FTX Group, waiting on Dec 13, 2022 for the start of hearing before he would testify before The House Committee on Financial Services holding a hearing investigating the collapsed crypto exchange FTX the collapsed crypto co-founded by former Chief Executive Officer Sam Bankman-Fried and former Chief Technology Officer Gary Wang in 2019.

Jack Gruber, USA TODAY

Sam Bankman-Fried attends via video call during the 2022 Forbes Iconoclast Summit at New York Historical Society on November 3, 2022 in New York City.

Arturo Holmes, Getty Images

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