Billionaire SBF sentenced to 25 years in prison for crypto trading

New York-based judge Louis Kaplan's bench asked the SBF to use the fine to pay back the victims of FTX. Earlier in November as well, the court found SBF guilty of defrauding and money laundering billions of US dollars through its crypto transaction platform. At that time, the judge of the court decided that the date of Sam's sentence will be announced in March 2024.

In 2019, Sam's ex-partners submitted a document with proof that they misused the funds raised from users on the FTX platform they established and invested in other areas and spent on activities such as donating to political campaigns . At Thursday's hearing, Judge Caplan Sam said he 'wanted to be a very influential political figure' and that he deliberately embezzled the money. BBC has mentioned that Sam expressed that he will not work for the rest of his life.

FTX Company, which was opened targeting the bull market in the crypto market, became a company with a total valuation of 18 billion dollars within three years of its establishment. In October 2021, Sam was listed as a billionaire by Forbes magazine for the first time after the company's valuation reached $25 billion after receiving $420 million in investment. At his peak, Forbes estimated his net worth at $22.5 billion, and the company's valuation reached $32 billion.

In late 2021, SBF, synonymous with success in the volatile crypto market, began its downward journey after allegations that SBF, along with its partners and employees, were accused of misleading investors about the company's financial health. A year later, CoinDesk, which writes crypto news, revealed serious irregularities involving FTX embezzling billions of dollars and creating fake financial statements. After trying to reassure investors and customers for some time, SBF fled in November 2022 by announcing that FTX had collapsed and resigned from the position of Chief Executive Officer.

A month later, he was arrested by the police from his residence in the Bahamas in December 2022. The ex-billionaire crypto businessman has been claiming that he is not guilty of the charges. Although he has been claiming that he is innocent from the beginning of the legal process, Sam's ex-girlfriend and 3 ex-colleagues gave statements against him, but he was seen as weak in the defense of all the cases . A jury convicted him of seven counts. Although the American lawyers did not give a prison sentence of 40-50 years as requested, the judge did not agree to give a prison sentence of 5-10 years as requested by the defendant lawyer. He was of the opinion that there is a possibility that the 32-year-old SBF will commit another crime after being released from prison.

Sam, who has been living with his parents in California for the last time, said during the hearing on Thursday that he made a mistake and that it hurts him every day. "My friends had developed a very good platform, I ruined FTX, which was once valued at 32 billion dollars," Sam, who appeared in a light-colored jumpsuit worn by prisoners, told the court. .'