By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Viral Trending contentViral Trending content
  • Home
  • World News
  • Politics
  • Sports
  • Celebrity
  • Business
  • Crypto
  • Gaming News
  • Tech News
  • Travel
Reading: Crypto king jailed for 25 years
Notification Show More
Viral Trending contentViral Trending content
  • Home
  • Categories
    • World News
    • Politics
    • Sports
    • Celebrity
    • Business
    • Crypto
    • Tech News
    • Gaming News
    • Travel
  • Bookmarks
© 2024 All Rights reserved | Powered by Viraltrendingcontent
Viral Trending content > Blog > World News > Crypto king jailed for 25 years
World News

Crypto king jailed for 25 years

By admin 2 Min Read
Share
SHARE

Sam Bankman-Fried, a disgraced crypto entrepreneur, has been sentenced to 25 years in prison for stealing billions of dollars from his customers.

He was the CEO of FTX, a company that suddenly went bankrupt in November 2022, leaving millions of users unable to access their accounts or withdraw their money.

Despite facing a potential 100-year sentence, Bankman-Fried’s lawyers argued for a shorter term, claiming a five-year sentence would be more fitting. Prosecutors, on the other hand, pushed for a 40 to 50-year sentence, citing the need to protect the public and deter future criminals.

Secret back doors

During the trial, it was revealed that Bankman-Fried’s other company, Alameda Research, had secret back doors allowing it to access funds belonging to FTX customers and make risky investments without their consent. The judge criticised Bankman-Fried for lying on the witness stand and misleadingly claiming that victims would be fully reimbursed.

The jury in New York took just five-and-a-half hours to convict him of multiple counts of fraud and conspiracy. FTX faced a financial shortfall of $10 billion (£7.9 billion) due to customers’ funds being used for risky cryptocurrency trades.

Bankman-Fried’s crimes have left approximately 80,000 victims, many of whom are based in the UK, out of pocket, with some losing their life savings. Prosecutors labelled his actions as one of the largest financial frauds in US history.

You Might Also Like

Boycott called on Netflix for “ideological” children’s cartoon

Japan faces Asahi beer shortage after cyber-attack

Today in History: October 3, Germany reunifies after 45 years

Trump pledges to safeguard Qatar’s security after Israeli strike on Hamas negotiators

Munich airport closes after drones spotted nearby

TAGGED: World News
Share This Article
Facebook Twitter Copy Link
Previous Article Spot robot dog now employed in workforces worldwide
Next Article Why Spaniards Take Siestas – AFAR
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -
Ad image

Latest News

Samsung Galaxy Tab S11 Review: It’s Time For Something New
Tech News
Parents sue Tesla after their 19-year-old daughter died in her Cybertruck, alleging faulty door design made it impossible to escape the burning car
Business
Ripple Maps XRP Ledger’s Future: ‘No Privacy, No Adoption’
Crypto
Mono Protocol’s launch highlights: $1.7M raised and a vision for one account, one balance, one click
Crypto
Netflix Hiring A Director Of Generative AI For Gaming With A Starting Salary Of Up To $840K
Gaming News
All aboard: High-speed train links for travel to major European cities gets under way
Travel
Megabonk Sells 1 Million Units in Two Weeks
Gaming News

About Us

Welcome to Viraltrendingcontent, your go-to source for the latest updates on world news, politics, sports, celebrity, tech, travel, gaming, crypto news, and business news. We are dedicated to providing you with accurate, timely, and engaging content from around the globe.

Quick Links

  • Home
  • World News
  • Politics
  • Celebrity
  • Business
  • Home
  • World News
  • Politics
  • Sports
  • Celebrity
  • Business
  • Crypto
  • Gaming News
  • Tech News
  • Travel
  • Sports
  • Crypto
  • Tech News
  • Gaming News
  • Travel

Trending News

cageside seats

Unlocking the Ultimate WWE Experience: Cageside Seats News 2024

Samsung Galaxy Tab S11 Review: It’s Time For Something New

Investing £5 a day could help me build a second income of £329 a month!

cageside seats
Unlocking the Ultimate WWE Experience: Cageside Seats News 2024
May 22, 2024
Samsung Galaxy Tab S11 Review: It’s Time For Something New
October 3, 2025
Investing £5 a day could help me build a second income of £329 a month!
March 27, 2024
Brussels unveils plans for a European Degree but struggles to explain why
March 27, 2024
© 2024 All Rights reserved | Powered by Vraltrendingcontent
  • About Us
  • Contact US
  • Disclaimer
  • Privacy Policy
  • Terms of Service
Welcome Back!

Sign in to your account

Lost your password?