From Investing.com: 2024-03-28 10:11:06

Former billionaire cryptocurrency wunderkind Sam Bankman-Fried faces decades behind bars for the collapse of FTX exchange, with $8 billion in customer losses. Judge rejected his argument that customers would be made whole. Defense seeks less than 5-1/4 years, while prosecutors aim for 40 to 50 years in prison.

Prosecutors warn that Bankman-Fried could commit fraud again if released, pointing to his post-FTX collapse writings where he mused about restoring his image. Defense argues customers will be made whole in bankruptcy process. Hearing marks downfall for once ultra-wealthy crypto entrepreneur and political donor.

Bankman-Fried, once a billionaire before FTX collapse, now faces a grim future behind bars. The judge finds he could lose decades in prison after $8 billion in customer losses. Defense lawyers argue for a lighter sentence, while prosecutors push for 40 to 50 years.

Read more at Investing.com: Judge at Sam Bankman-Fried sentencing rejects argument that FTX customers lost no money By Reuters