Hi HODLers, Hiveans and Lions,
FTX founder and former CEO Sam Bankman-Fried was sentenced to 25 years in prison Thursday for his conviction on seven different fraud and conspiracy charges.
Bankman-Fried was accused of running a massive fraud in FTX and Alameda, which collapsed dramatically in 2022, losing customers some $8 to $11 billion.
I don't think anyone is surprised in the crypto or financial world. SBF scammed, lied and gambled with other people's money so the fact that he is getting a big conviction is a relief for all of us. He benefitted from a lot of influence in the judicial, political and financial spheres but still, he couldn't get away from such a massive fraudulent scheme.
Of course he stole a lot of money and hurt people financially but let's remember, some people (maybe yourself?) were hurt to the point where their life was strongly impacted with some even taking their own life...
So, even if most users were made at least partially whole thanks to vibrant crypto markets, there were more implication for many of the victims.
I strongly agree with Damian Williams, U.S. Attorney for the Southern District of New York statement on social media platform X.
"The scale of his crimes is measured not just by the amount of money that was stolen, but by the extraordinary harm caused to victims, who in some cases had their life savings wiped out overnight."
Stay safe out there,
