Sam Bankman-Fried’s 25-year sentence shows crypto schemers can’t hide

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Sam Bankman-Fried was sentenced to 25 years in prison by a judge on March 28 for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind’s dramatic downfall.

U.S. District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Mr. Bankman-Fried’s claim that FTX customers did not actually lose money and finding that he lied during his trial testimony. A jury found Mr. Bankman-Fried guilty on Nov. 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in U.S. history.

Mr. Kaplan said Mr. Bankman-Fried has shown no remorse.

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