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Former FTX Crypto Chief Sam Bankman-Fried Sentenced To 25 Years In Prison
Sam Bankman-Fried, who was found guilty last fall of defrauding FTX client of $20 billion, was sentenced today.
Speaking before the sentence, Bankman-Fried said what happened to FTX customers “It’s been excruciating to watch.” But, he said, “I don’t think the reasons for that have been properly told” for the meltdown. Bernard Madoff was sentenced in 2009 to 150 years for a decades long Ponzi scheme that cost his investors about $20 billion. The company’s dozen young employees lived in a luxury apartment building in the Bahamas, where FTX was based, moving there from Hong Kong during Covid.
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