This person was once called Crypto King, now will spend the rest of his life in jail

Ronit Kawale
Ronit Kawale - Senior Editor
3 Min Read
This person was once called Crypto King, now will spend the rest of his life in jail


highlights

Sam Bankman-Freud suddenly resigned from his post on 11 November 2022.
FTX had applied for protection under the bankruptcy law in the US.
There was a huge decline of almost 94 percent in Freud's net worth in 24 hours.

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New Delhi. Sam Bankman-Fried, the founder of crypto exchange FTX, known as Crypto King in the world, will now have to spend 25 years behind bars. The American court sentenced him to 25 years' imprisonment on Thursday in a two-year-old case of financial fraud. He has been found guilty of fraud worth billions of dollars. The news of Sam Bankman-Freud's punishment has come as a big shock to the people. Investors lost billions of rupees in this two year old case. Sam was found guilty of wasting FTX. This is being considered one of the biggest financial frauds in American history.

Bankman-Freud has been detained at the Metropolitan Detention Center in Brooklyn since August 2023. Sam Bankman Freud, CEO of bankrupt crypto exchange FTX, was arrested in the Bahamas on December 13. A New York jury in November found Sam Bankman-Freud guilty of causing the collapse of FTX after a lengthy trial. During the hearing, US Attorney Damien Williams argued in the court that it was necessary for Sam to get a longer sentence to “protect the public”.

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Net worth decreased by 94 percent in 24 hours
Sam Bankman-Fryod, CEO of crypto exchange FTX, suddenly resigned from his post on November 11, 2022 and his FTX applied for protection under the bankruptcy law in the US. This crypto-exchange, which is in financial crisis, had given this information in a statement on November 11. Sam Bankman-Freud's net worth fell by almost 94 percent in 24 hours and his wealth dropped to $991.5 million, whereas he was the owner of $15.2 billion.

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During the hearing, Manhattan District Judge Louise Kaplan rejected Bankman-Fried's claim that FTX customers did not lose their money and that false testimony had been given against them. The jury found Bankman guilty of seven fraud and conspiracy counts related to the 2022 collapse of FTX. Kaplan said Bankman-Fried has shown no remorse. Before sentencing, the judge said that Bankman knew it was wrong.

Tags: Business news in hindi, Crypto, Cryptocurrency

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