Inside Sam Bankman-Fried's Multi-Billion Dollar FTX Fraud
NDTV
Sam Bankman-Fried was found guilty in November on seven counts, including fraud, conspiracy, and money laundering.
Former cryptocurrency billionaire Sam Bankman-Fried, 32, has been sentenced to 25 years in prison for his involvement in a major financial scam related to the collapse of the FTX crypto exchange. He was found guilty in November on seven counts, including fraud, conspiracy, and money laundering.
Bankman-Fried got into the world of cryptocurrency at the age of 25. He founded a company called Alameda Research and soon realised he could make a lot of money by exploiting differences in Bitcoin prices between different countries.
This strategy, called arbitrage trading, earned him $20 million in just three weeks, according to BBC. He launched FTX in 2019, a crypto exchange in Hong Kong that attracted investors due to his charismatic personality and promises of big returns.
