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All articles tagged with #businesscryptocurrency

businesscryptocurrency1 year ago

Sam Bankman-Fried Transferred to California Prison

Sam Bankman-Fried, the founder of FTX, is being transferred from a New York prison to one in Mendota, California, against his wishes, as he appeals his 25-year sentence for defrauding customers of the now-defunct FTX cryptocurrency exchange. Despite his desire to stay in New York to prepare for his appeal, he ultimately wants to serve his term in California to be closer to his parents. The move comes after prosecutors recommended a 40- to 50-year sentence, while Bankman-Fried requested a much shorter term.

via New York Post |
#businesscryptocurrency#cryptocurrency#fraud-conviction
businesscryptocurrency1 year ago

"FTX Founder Sam Bankman-Fried Reflects on Legal Troubles and Prison Sentence"

FTX founder Sam Bankman-Fried, sentenced to 25 years in prison for a billion-dollar Ponzi scheme, expresses remorse and claims he didn't know his actions were illegal. He faces early release for good behavior but could have been sentenced to 40-50 years. His crimes involved misuse of over $8 billion of FTX customers' funds and $2 billion from investors and lenders, along with perjury. FTX customers may see repayment from the company's stake sale in Anthropic, a competitor of OpenAI.

via Gizmodo|
#businesscryptocurrency#cryptocurrency#ftx
businesscryptocurrency1 year ago

"FTX Founder Sam Bankman-Fried Receives 25-Year Prison Sentence for Crypto Fraud"

FTX co-founder Sam Bankman-Fried has been sentenced to 25 years in prison for defrauding customers, investors, and lenders, following the collapse of the cryptocurrency exchange. Prosecutors argued for a longer sentence, while Bankman-Fried's lawyers sought a more lenient term. The sentencing marks a dramatic downfall for the once-billionaire who ran the world’s second-largest crypto exchange and was the face of the digital assets boom. His trial last fall resulted in a conviction for deliberately stealing up to $14 billion in customer deposits, with three of his top executives also implicated.

via Yahoo Finance|
#businesscryptocurrency#cryptocurrency#fraud