Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors
Former crypto mogul Sam Bankman-Fried faces the potential of decades in prison when he is sentenced for his role in the 2022 collapse of FTX
NEW YORK (AP) — Former crypto mogul Sam Bankman-Fried faces the potential of decades in prison when he is sentenced Thursday for his role in the 2022 collapse of FTX, once one of the world's most popular platforms for trading digital currency.
Bankman-Fried, 32, was convicted in November of fraud and conspiracy — a dramatic fall from a year earlier when he and his companies seemed to be riding a crest of success that resulted in a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady and comedian Larry David.
Here is an explanation of what the FTX verdict is.
A jury found that Bankman-Fried illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
