Sam Bankman-Fried sentenced to 25 years in prison

The court ruling solidifies the downfall of the former billionaire, Sam Bankman-Fried, who was once a prominent advocate for cryptocurrency before his company FTX’s dramatic collapse in 2022. Bankman-Fried's legal team intends to challenge his conviction.

During his court appearance, the 32-year-old expressed regret for disappointing many individuals and apologized for the events that transpired. He was found guilty by a New York jury the previous year on various charges, including wire fraud and conspiracy to commit money laundering. The trial revealed that he had misappropriated over $8 billion from clients, utilizing the funds for real estate acquisitions, political contributions, and other investments.

Despite receiving a significant 25-year prison sentence, it is notably less than the potential over 100-year term based on official government guidelines. There is a suggestion from his legal team for him to labor diligently and donate everything earned to the affected parties.

Picking up the pieces of their broken hearts, Sam’s parents, Mrs. Barbara Fried and Mr. Allan Joseph Bankman said they will continue fighting for their son. Only time will tell though, if Sam Bankman-Fried will serve time for his mistakes.