SBF, the former head of FTX, the once dominant crypto market, is convicted and sentenced to 25 years in prison

A day after U.S. prosecutors argued in court that FTX founder Sam Bankman Fried (SBF) should be sentenced to more than 40 years in prison for fraud and that he is a highly likely recidivist. "SBF lied to investors, shared fake documents, funneled millions of dollars in illegal contributions into the U.S. political arena, and misappropriated other people's money for his own gain and influence," said the U.S. Attorney's Office, which argued that he should be sentenced to a minimum of 40 years and a maximum of 50 years in prison, along with a fine of more than $11 billion.

The judge sentenced FTX founder Sam Bankman Fried (SBF) to 25 years in prison based on the prosecution's request. "It appears that he was fully aware of the problems with FTX and its criminal nature," said Lewis Kaplan, the judge in SBF's case. The media also reported that "SBF had a noticeably different demeanor during the trial, standing stiffly with his hands clasped together as if he were a dead corpse. In his closing argument, he said, "I destroyed everything my colleagues had built, and I let them down. I am very sorry for this. All responsibility lies with me as the CEO of FTX," he said in his closing remarks, stuttering before the judge's ruling.

The court also ordered FTX founder Sam Bankman Fried (SBF) to forfeit more than $11 billion in funds. The court also had the kindness to order SBF to be incarcerated in a prison near San Francisco Bay, close to his family.