Sam Bankman-Fried was sentenced to 25 years in prison on charges of fraud and embezzlement of user funds.
The court allowed life in prison on seven felony counts. The prosecutor asked for 40 years in prison, the defense asked for 6.5 years.
According to the court, customers of the exchange lost $8 billion, investors — $1.7 billion, creditors — $1.3 billion. The ex-head acknowledged the debts of his fund, but argued that the exchange could have avoided bankruptcy.
FTX went bankrupt in November 2022, causing the crypto market to collapse. Affected customers expect compensation in dollar equivalent at the exchange rate at the time of the bankruptcy, about $17 thousand per Bitcoin.
