The founder of crypto currency exchange service FTX, Sam Bankman-Fried (SBF) has been sentenced to 25 years in prison by a court in New York. SBF was found guilty of seven charges involving money laundering and online fraud last November in a fraud case involving losses of up to $8 billion (~RM 38 billion).
He was originally facing up to 115 years in prison for various criminal charges. This is a sudden change of fortune for SBF who only a few years ago was crowned as the new generation Warren Buffet with him promising to donate his wealth to humanitarian causes.
Throughout the trial witnesses consisting of former employees of FTX and Alameda Research said SBF was involved in deliberately transferring client funds for personal use. The FTX scandal caused various crypto values and also several other crypto companies to be severely affected and only recovered over the past three weeks.