{"id":218208,"date":"2024-03-29T03:40:01","date_gmt":"2024-03-29T03:40:01","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/29\/king-of-crypto-sbf-jailed-for-25-years-in-new-york\/"},"modified":"2025-06-25T17:19:44","modified_gmt":"2025-06-25T17:19:44","slug":"king-of-crypto-sbf-jailed-for-25-years-in-new-york","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/29\/king-of-crypto-sbf-jailed-for-25-years-in-new-york\/","title":{"rendered":"King of Crypto SBF jailed for 25 years in New York"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/sbf-900x561.jpg\" \/><\/p>\n<div>\n<p>This morning <a href=\"https:\/\/readwrite.com\/sam-bankman-fried-to-be-sentenced-to-jail-time\/\">we reported<\/a> that disgraced crypto magnate Sam Bankman-Fried was due to be sentenced in New York this morning, with the Prosecution looking for between a 40-50 year term and SBF\u2019s defense team arguing a five-year term would be more acceptable.<\/p>\n<p>The judge meanwhile had the ability to lock up Bankman-Fried and effectively throw away the key with a 110-year sentence but has just issued a 25-year sentence for his part in the collapse of the FTX cryptocurrency exchange.<\/p>\n<p>Bankman-Fried was found guilty by the jury after just over five hours of deliberation last November.<\/p>\n<p>Bankman-Frieds\u2019 FTX had a $10 billion black hole in its accounts after money belonging to customers was used to make risky bets on crypto. A scheme that was to go horribly wrong.<\/p>\n<p>FTX was valued at $32bn before it went bankrupt with Sam Bankman-Fried crafting an image that drew in celebrities, politicians, and business titans, according to the BBC.<\/p>\n<p>Bankman-Fried\u2019s victims remain out of pocket and while they may get some losses back, it is unlikely everybody will come out of the scandal unscathed.<\/p>\n<p>Prosecutors described Bankman-Fried\u2019s crimes as one of the biggest financial frauds in the history of the United States.<\/p>\n<p>Handing down the sense Judge Lewis Kaplan said that despite \u201cprotestations of sorrow\u201d about customer losses there was \u201cnever a word of remorse for the commission of terrible crimes\u201d.<\/p>\n<p>The judge refused to accept Bankman-Fried\u2019s claim that his victims would be paid back in full as \u201cmisleading and logically flawed\u201d.<\/p>\n<p>\u201cA thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back what he stole.\u201d<\/p>\n<p>Earlier today Bankman-Friend took the stand and, while stopping short of a full apology said he had made a series of bad decisions that haunt him every day.<\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/readwrite.com\/king-of-crypto-sbf-jailed-for-25-years-in-new-york\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] This morning we reported that disgraced crypto magnate Sam Bankman-Fried was due to be sentenced in New York this morning, with the Prosecution looking<\/p>\n","protected":false},"author":1,"featured_media":218209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[152],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/218208"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=218208"}],"version-history":[{"count":3,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/218208\/revisions"}],"predecessor-version":[{"id":333067,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/218208\/revisions\/333067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/218209"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=218208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=218208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=218208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}