Sam Bankman-Fried, the founder of the failed crypto exchange FTX, is appealing his 25-year prison sentence after being convicted in March of siphoning $8 billion from customers. Despite admitting to making mistakes that led to FTX’s bankruptcy, he maintains his innocence in stealing from customers. The prosecutors had sought a 40- to 50-year sentence, but the lower verdict was a surprise to many.
FTX was founded by Bankman-Fried in 2019 and quickly became one of the most successful crypto exchanges. However, it collapsed in November 2022 when customers were unable to access their funds. It turned out that Bankman-Fried had transferred customer funds to his own investment fund for risky investments. The collapse of FTX shook the crypto markets and caused widespread panic among investors.
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