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FTX laminitis Sam Bankman-Fried was sentenced to 25 years successful situation by Judge Lewis A. Kaplan connected Thursday.
Prosecutors sought a 40- to 50-year condemnation for nan disgraced crypto king. Bankman-Fried's defense squad will entreaty nan condemnation and sentencing.
Kaplan said Bankman-Fried had shown nary remorse.
"He knew it was wrong," Kaplan said of Bankman-Fried earlier handing down nan sentence. "He knew it was criminal. He regrets that he made a very bad stake astir nan likelihood of getting caught. But he is not going to admit a thing, arsenic is his right."
His parents, Joseph Bankman and Barbara Fried, were coming successful nan courtroom.
Joseph Bankman and Barbara Fried look connected extracurricular nan Federal Court aft nan sentencing of their son, FTX laminitis Sam Bankman-Fried, successful New York City connected Thursday. (Reuters/Brendan McDermid)
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Kaplan said he had recovered that FTX customers mislaid $8 billion, FTX's equity investors mislaid $1.7 billion, and lenders to nan Alameda Research hedge money Bankman-Fried founded mislaid $1.3 billion.
"The defendant's assertion that FTX customers and creditors will beryllium paid successful afloat is misleading, it is logically flawed, it is speculative," Kaplan said. "A thief who takes his loot to Las Vegas and successfully bets nan stolen money is not entitled to a discount connected nan condemnation by utilizing his Las Vegas winnings to salary backmost what he stole."
Bankman-Fried, 32, was recovered blameworthy successful November connected 2 counts of wire fraud and 5 counts of conspiracy pursuing nan illness of his crypto empire FTX successful November 2022, which has been compared to Enron. The speech had merged assets pinch sister hedge money Alameda Research amid rate problems, starring waves of customers to retreat funds. Bankman-Fried was indicted nan adjacent month.
Referring to his FTX colleagues, Bankman-Fried told nan judge connected Thursday, "They put a batch of themselves into it, and I threw that each away. It haunts maine each day."
Former Alameda Research CEO Caroline Ellison arrives for nan proceedings of erstwhile FTX CEO Sam Bankman-Fried successful New York City connected Oct. 11, 2023. | Reuters Photos
By comparison, disgraced Theranos laminitis Elizabeth Holmes is serving an 11-year sentence, but faced arsenic overmuch arsenic 80 years successful prison. Bernie Madoff was sentenced to 150 years and died successful prison.
Elizabeth Holmes is seen taking a locomotion successful nan situation gait astatine Bryon Federal Prison Camp successful Texas connected her 2nd time of being an inmate there. (SplashNews.com)
Bankman-Fried, who capitalized connected a emergence successful bitcoin and astatine 1 constituent accumulated an estimated $26 cardinal fortune, is besides expected to beryllium ordered to salary restitution.
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Bitcoin, which accounted for overmuch of Bankman-Fried's nett worth, fell arsenic debased arsenic $15,000 and has since rebounded to nan $70,000-plus level, pursuing nan support of a bitcoin ETF by nan Securities and Exchange Commission earlier this year.
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It's unclear really nan rebound successful crypto, if astatine all, will play retired successful providing restitution to his victims.
Fox News' Maria Paronich, FOX Business' Justin Freiman and Reuters contributed to this report.
