BREAKING: Disgraced crypto bro Sam Bankman-Fried sentenced to 25 years in federal prison

Mar 28, 2024 | Political News

Disgraced FTX founder and crypto bro Sam Bankman-Fried has been sentenced to 25 years in prison. 

Bankman-Fried who was facing up to 110 years in prison leading up to the trial, was handed the official sentence at the Manhattan Federal Court on Thursday. 

During the Thursday hearing, and leading up to the issuing of the sentence, Bankman-Fried addressed the court, saying, “A lot of people feel really let down, and they were very let down, and I am sorry about that.”

“My useful life is probably over. It's been over for a while now,” he later added. 

“I am sorry about what happened at every stage. And there are things I should've done and things I shouldn't have,” he added. 

The disgraced crypto mogul said that he and his business partners had “built something beautiful” with FTX, but he added that he “threw it all away.”

Prosecutor Nicolas Roos in the hearing stated a sobering rebuke to Bankman-Fried's words saying, “Sam Bankman-Fried stole over $8 billion in customer money, and I emphasize stole because it was not a liquidity crisis, or an active mismanagement, or poor oversight from the top.”

“It was not a bloodless financial loss on paper,” Roos added. 

Bankman-Fried, who was touted by major Democratic politicians such as Bill Clinton, donated millions to left-wing campaigns and was only bested by George Soros at one point in political donations to campaigns for Democrat politicians. 

In a 2022 interview on X (then Twitter), Bankman-Fried blamed his girlfriend for the collapse of the company. Around $2 billion in customer funds vanished after the company's collapse. 

Bankman-Fried said at the time in another interview “I feel bad for those who get f*cked by it, by this dumb game we woke westerners play where we say all the right shibboleths and so everyone likes us.”

Shibboleths in Hebrew is defined as “a word or saying used by adherents of a party, sect, or belief and usually regarded by others as empty of real meaning.”

The top Democrat's company FTX “partnered” with Ukraine to also help fund the war effort prior to its demise.