Fallen crypto mogul sent to 25 yrs in jail for fraud

Tribune Web Desk

Updated At : 01:15 PM Mar 29, 2024 IST

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New York, March 28

Crypto entrepreneur Sam Bankman-Fried was sentenced on Thursday to 25 years in prison for a massive fraud that unravelled with the collapse of FTX, once one of the world’s most popular platforms for exchanging digital currency.

Bankman-Fried, 32, was convicted in November of fraud and conspiracy — a dramatic fall from a crest of success that included a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady and and comedian Larry David.

US District Judge Lewis A Kaplan imposed the sentence in the same Manhattan courtroom where, four months ago, Bankman-Fried testified that his intention had been to revolutionize the cryptocurrency market with his innovative ideas, not to steal. — AP

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