Founder of the world’s most famous cryptocurrency exchange faces 50 years in prison

Sam Bankman-Fried, the founder of the notorious FTX crypto exchange, faces a 50-year prison sentence. The fraudster was convicted in November for organizing one of the «largest financial frauds in American history.»

The prosecution’s arguments boil down to Sam Bankman-Fried's fraudulent actions that led to the collapse of the FTX cryptocurrency exchange. The jury of the Manhattan federal court found him guilty on all charges, including defrauding investors, customers, and creditors.

Prosecutors described SBF’s life as marred by «unparalleled greed and arrogance.» They claim that his actions were risky, gambling with billions of dollars belonging to other people. Despite the severity of the charges, Benkman-Fried pleads not guilty.

«Even now, Bankman-Fried refuses to admit that he did wrong. His life in recent years has been characterized by unsurpassed greed and arrogance, ambition and rationalization, a desire for risk and gambling with other people’s money,» prosecutors write.

Benkman-Fried's defense, on the other hand, is in favor of leniency, offering a prison term of 5−6 years. They argue that most FTX clients will be reimbursed for their lost funds and that the businessman did not aim to commit fraud.

The final verdict will be handed down on March 28. According to experts, the court decision will set a precedent for the regulation and supervision of the cryptocurrency industry. Bankman-Fried is currently preparing to appeal the verdict and conviction.