The responsible New York judge announced his decision on Thursday, as US media reported from the courtroom. Lawyers for the 32-year-old founder of digital exchange FTX have been considering an appeal since his conviction in November.
FTX crashed spectacularly at the end of 2022
If Judge Lewis Kaplan had exhausted the proposed sentences for all charges, it could have been more than 100 years in prison. The prosecutor requested between 40 and 50 years in prison. Bankman-Fried's lawyers proposed a sentence of about six years in prison. Among other things, they noted that a large portion of investors could be compensated by monetizing their old investments in FTX.
FTX, one of the largest trading centers for cryptocurrencies such as Bitcoin, collapsed spectacularly in late 2022. Bankman-Fried was arrested in the Bahamas and extradited to the United States. Bankman-Fried was found guilty by a jury because, under his leadership, FTX client assets were secretly injected into a hedge fund. When these deals went wrong, FTX was left with a billion-dollar hole.
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