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Crypto King SBF Sentenced to 25 Years in Prison in New York

This morning we reported that disgraced crypto magnate Sam Bankman-Fried will be sentenced in New York this morning, with prosecutors seeking a sentence of 40 to 50 years, while SBF’s defense team believes a five-year sentence is more acceptable.

Meanwhile, the judge had the power to lock up Bankman-Fried and effectively throw away the key, handing down a 110-year sentence but had just handed down a 25-year sentence for his role in the FTX cryptocurrency exchange collapse.

A jury found Bankman-Fried guilty last November after deliberating for more than five hours.

A $10 billion black hole emerged in Bankman-Frieds’ FTX account after customers’ funds were used to make high-risk bets on cryptocurrencies. This plan was bound to go terribly wrong.

According to the BBC, FTX was valued at $32 billion before its bankruptcy, and Sam Bankman-Fried cultivated an image that attracted celebrities, politicians and business moguls.

Bankman-Fried’s victims still have no money, and while they may recoup some of their losses, it’s unlikely that everyone will emerge from the scandal unscathed.

Prosecutors have described Bankman-Fried’s crimes as one of the largest financial frauds in U.S. history.

Judge Lewis Kaplan said that despite the “sad outcry” over his client’s loss, “there was never an expression of remorse for the horrific crime committed”.

The judge rejected Bankman-Fried’s assertion that victims would receive full compensation, calling it “misleading and logically flawed.”

“If a thief brings stolen goods to Las Vegas and successfully gambles with the stolen money, he is not entitled to a sentence discount by using his winnings in Las Vegas to repay what he stole. “

Earlier today, Bankman-Friend took the stand and while he didn’t fully apologize, he said he made a series of poor decisions that haunt him every day.

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