What has the “King of Cryptocurrency” Sam Bankman Fried done?

Sam Bankman-Fried once had a net worth of $26.5 billion, but today his net worth is zero. — ABC7 Chicago

Sam Bankman-Fried, founder of FTX cryptocurrency exchange once known as the “King of Cryptocurrency,” was sentenced to 25 years in prison for stealing $8 billion from customers. hindustan times the report said.

Fried was ordered to pay $11 billion and sentenced to 25 years in prison, followed by three years of release.

According to data, the billionaire-turned-defaulter’s net worth once reached $26.5 billion. Forbes. However, now his net worth has dropped to zero.

In November, Fried was found guilty of multiple charges, including conspiracy to commit fraud, wire fraud and money laundering. He is accused of using client funds deposited on the FTX platform to pay for his lavish lifestyle and cover hedge fund losses, among other things.

Fried showed no “genuine remorse” during the court proceedings. He said mistakes were made in handling the matter but did not admit breaking any financial laws.

Assistant U.S. Attorney Nicholas Roos said Fried should receive a severe sentence because “the defendant is likely to commit another crime.”

In November 2022, Fried resigned from FTX following its bankruptcy.

“We are heartbroken and will continue to fight for our son,” his parents, Stanford University law professors Joseph Bankman and Barbara Fried, said outside the court.

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By Ali Raza

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