Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange that imploded in 2022, has been sentenced to 25 years in prison for his involvement in an $8 billion fraud scheme. 

US District Judge Lewis Kaplan handed down the sentence in a federal courtroom in lower Manhattan. The judge added that in addition to the 25-year sentence, Sam Bankman-Fried will have to turn over $11 billion in assets.

Sam Bankman-Fried Gets Lower Sentence 

Bankman-Fried was convicted on seven criminal counts in November and has been held at the Metropolitan Detention Center in Brooklyn since then. Prosecutors had sought a maximum sentence of 50 years, while Bankman-Fried's legal team argued for a maximum of 5 to 6 years, citing autism. 

During the sentencing hearing, Judge Kaplan criticized Bankman-Fried's defense argument as misleading and speculative. He also accused Bankman-Fried of obstructing justice and tampering with witnesses, factors that influenced his decision.

Additionally, Judge Kaplan said that "this was a very serious crime" and called out Bankman-Fried for his "evasive, hairsplitting" testimony at trial. He also pointed out that, though Bankman-Fried said "sorry", the former FTX boss "never a word of remorse for the commission of terrible crimes."

Bankman-Fried plans to appeal both his conviction and sentence. His parents issued a statement expressing heartbreak and their intention to continue fighting for their son.

READ MORE: FTX Founder Sam Bankman-Fried Requests 100-Year Sentence Reduced to 5-6 Years, Defense Cites Autism

Impact of the FTX Crash

Victims of the fraud testified about the devastating impact it had on their lives, including financial ruin, depression, and suicidal thoughts. Prosecutors labeled the fraud orchestrated by Bankman-Fried as one of the largest in financial history.

The collapse of FTX in November 2022 revealed a major cash shortfall, leading to its demise. Prosecutors accused Bankman-Fried of diverting billions of dollars from FTX customers to fund various personal interests, including political initiatives and speculative investments.

Bankman-Fried's defense argued that he was unaware of the extent of the debt and believed borrowing funds for Alameda Research, his investment group, was permissible. However, experts found his testimony hard to believe.

NBC notes that Bankman-Fried's 25-year sentence is notably longer than that of other white-collar criminals, including Elizabeth Holmes, Bernie Ebbers, and Jeff Skilling. The US Bureau of Prisons will determine the federal penitentiary where he will serve his sentence.

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