Sam Bankman Freud jailed for 25 years in cryptocurrency fraud scam

New York: A US court sentenced Sam Bankman Freud to 25 years in prison in the cryptocurrency fraud scandal.

Sam Bankmanfried, 32, the former CEO of bankrupt cryptocurrency exchange FTX, was found guilty on all seven charges by a New York Manhattan federal court after a month-long trial.

Sam Bankman Freud was arrested in the Bahamas in December and extradited to the United States.

The court also ordered the seizure of $11.02 billion in FTX assets, which will be used to pay victims.

Sam Bankman Freud admitted to “mistakes” in running FTX, but denied stealing $10 billion from his customers.

A jury found Sam Bankman Freud guilty of seven felony counts, including defrauding consumers and violating money laundering laws.

After a two-hour hearing, Judge Lewis Kaplan said Sam Bankmanfried knew what he was doing was criminal.

“I made a lot of mistakes but FTX had the ability to pay customers when it went bankrupt,” Bankman Freud told the court.

According to government lawyers, Sam Bankman Freud allegedly lied to investors, shared fake documents and made millions of dollars in illegal donations to politicians.

It should be noted that after the FTX scandal came to light during 2022, the price of the well-known digital currency Bitcoin dropped sharply and reached the level of 21 thousand dollars, but now its price once again reached 68,365 dollars. There is a mill.