Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors

Published March 27, 2024 10:18 PM

By KEN SWEET and LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — Former crypto mogul Sam Bankman-Fried faces the potential of decades in prison when he is sentenced for his role in the 2022 collapse of FTX. The company was once one of the world’s most popular platforms for trading digital currency. Bankman-Fried was convicted in November of fraud and conspiracy and will be sentenced Thursday. That’s a dramatic fall from a year earlier when he and his companies were riding high with a Super Bowl advertisement and celebrity endorsements. A jury found that Bankman-Fried illegally used money from FTX depositors to cover his expenses. His lawyers say he is not the “evil genius” depicted in the media.

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