The founder of the cryptocurrency exchange FTX will go to prison for 25 years | iRADIO

According to the prosecutor’s office, Bankman-Fried defrauded clients, investors and creditors of more than ten billion dollars (roughly CZK 234 billion), the AP agency wrote. The prosecutor’s office proposed a sentence of 40 to 50 years in prison for the founder of FTX, while his defense attorneys called for an adequate sentence of up to six and a half years in prison.

Bankman-Fried illegally used FTX clients’ money for his own purposes, including buying luxury properties in the Caribbean, according to prosecutors.

“Tens of thousands of people and companies from several continents became victims of the defendant over several years. He stole money entrusted to him by clients. He lied to investors, sent forged documents to creditors, pumped millions of dollars in illegal donations into our political system, and bribed foreign officials. Each of these crimes deserves a long sentence,“ quotes AP from the statement of the prosecutor’s office.

Before its collapse, FTX was the second largest cryptocurrency exchange in the world and the gateway to the digital asset market for millions of people. The firm filed for bankruptcy protection from creditors in November 2022. Earlier this year, it announced it had abandoned efforts to resume operations of its cryptocurrency exchange. Instead, it decided to focus on liquidating its assets and returning funds to customers.

CTK

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