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From 'Crypto King' to 25 Years of Prison: The Rise and Fall of Sam Bankman-Fried and FTX On November 2, 2023, SBF was found guilty on seven counts of fraud and money laundering in his first trial

By Paromita Gupta

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Thirty-two-year-old Sam Bankman-Fried, on Thursday, was sentenced to 25 years in prison by U.S. District Judge Lewis Kaplan for the stealing billions from customers. Deeming it as "one of the biggest financial frauds in American history," Kaplan further added "When not lying, he was evasive, hair splitting, trying to get the prosecutors to rephrase questions for him. I've been doing this job for close to 30 years. I've never seen a performance like that."

On November 2, 2023, SBF was found guilty on seven counts of fraud and money laundering in his first trial.

Kaplan further stated that SBF showed no remorse, ""He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right." FTX customers lost USD eight billion, its equity investors lost USD 1.7 billion and lenders to Alameda Research lost USD 1.3 billion. The 79-year-old imposed a USD 11 billion forfeiture order and authorized the government to repay victims with seized assets.
He announced the sentence at a Manhattan court hearing after rejecting Bankman-Fried's claim of FTX customers not losing money and finding false statements he made during his trial testimony.

Let's take a look at the rise and fall of the former crypto billionaire-

Paromita Gupta

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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