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  • Writer's pictureCNBC

FTX founder Sam Bankman-Fried sentenced to 25 years for crypto fraud




FTX founder Sam Bankman-Fried was sentenced to 25 years in prison on Thursday for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research.


The sentence in Manhattan federal court was significantly less than the 40 to 50 years in prison that federal prosecutors wanted for Bankman-Fried, but it was much more than the five to six-and-a-half years suggested by his attorneys.


“There is a risk that this man will be in position to do something very bad in the future,” Judge Lewis Kaplan said before sentencing the 32-year-old and ordering him to pay $11 billion in forfeiture to the U.S. government.


“And it’s not a trivial risk at all,” Kaplan added.


Kaplan noted he has never heard “a word of remorse for the commission of terrible crimes” from Bankman-Fried.

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