FTX founder Sam Bankman-Fried to serve up to 24.25 years in prison

Quick Take

  • Sam Bankman-Fried received a prison sentence of 24.25 years on Thursday, which will likely be served in a lower-security prison in California’s Bay Area. 

FTX founder Sam Bankman Fried was sentenced to nearly 25 years in prison on Thursday, marking the conclusion of a criminal fraud trial involving the loss of $8 billion by retail investors. 

Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York handed down the 24.25-year sentence and ordered the former billionaire to pay back up to $11 billion in investor and lender losses, citing Bankman-Fried's “apparent lack of remorse” and “flexibility with the truth.” The issued prison term falls 15 years short of prosecutors’ sentencing recommendation. 

Bankman-Fried's lawyers attempted to reframe the public’s perception of the crypto wunderkind,