Sam Bankman-Fried was sentenced to 25 years in prison for orchestrating a fraud scheme involving FTX, a cryptocurrency exchange.

By: AHSAN MUMTAZ Learn more

– The prosecution argued that Bankman-Fried caused billions of dollars in losses and showed no remorse.

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[{"selector":"#anim-9511bfce-4681-48c0-9fbf-da454b331923 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-ef218763-eb70-4c46-9603-f855d9e78a27","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-806c35e9-a3cb-452b-8867-b4b4378b6ed8","keyframes":{"transform":["translate3d(0px, 115.74515%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] – The defense argued that Bankman-Fried was a young entrepreneur who made mistakes but never intended to defraud anyone.

[{"selector":"#anim-5621f601-b003-4dee-b422-4ced51b28821 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-9a5703d4-695a-4d5a-8ceb-20c647069d9a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e2ccdc7e-a521-4596-a57b-84198f93509e","keyframes":{"transform":["translate3d(0px, 110.53186%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] – Bankman-Fried is said to have used FTX customer funds to fund risky investments for his hedge fund, Alameda Research.

[{"selector":"#anim-67114c15-76b4-4cd8-837a-36f7832143e2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-973a8870-a04d-43c7-956a-c69d5c30bce6","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7254dbfb-bdd1-4508-853e-d45da3a38852","keyframes":{"transform":["translate3d(0px, 122.30159%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The collapse of FTX has had a devastating impact on the cryptocurrency industry.

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