The sentence comes after the founder of the collapsed FTX crypto exchange was found guilty on all seven charges of fraud, conspiracy and money laundering in November. Bankman-Fried’s sentencing judge also ordered Bankman-Fried to forfeit US$11 billion in assets. His lawyers said he will appeal his conviction and prison sentence. (Associated Press)
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The sentence comes after the founder of the collapsed FTX crypto exchange was found guilty on all seven charges of fraud, conspiracy and money laundering in November. Bankman-Fried’s sentencing judge also ordered Bankman-Fried to forfeit US$11 billion in assets. His lawyers said he will appeal his conviction and prison sentence. (Associated Press)
Talking point: The 32-year-old fallen crypto executive remained fairly unapologetic throughout his trial and maintained that he hadn’t committed fraud. But before sentencing Thursday, he apologized to FTX customers—who collectively lost nearly US$8 billion when the platform collapsed in 2022—as well as investors and employees. “I am sorry about what happened at every stage,” he said, adding that he made a series of bad decisions that “haunts” him every day. The Ontario Teachers’ Pension Plan was among those who bought into the fraudulent scheme, investing US$95 million in FTX from October 2021 to January 2022. OTPP did not immediately respond to The Logic’s request for comment on Bankman-Fried’s sentencing.
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