A US court has sentenced former cryptocurrency tycoon Sam Bankman-Fried to 25 years in prison after pleading guilty to a billion-dollar fraud. According to CNN, he was found guilty of one of the largest financial frauds in the US, while his fortune of more than 26 billion has disappeared. Specifically, Sam Bankman-Fried was found guilty of fraud perpetrated by the FTX cryptocurrency exchange he had created, with the case to be revealed in 2022. At the time, the website CoinDesk, which specializes in covering news about the economy, especially about cryptocurrencies, revealed that much of the assets of Sam Bankman-Fried's investment firm Alameda Research (or “SBF,” from his initials) actually consisted of or were linked to cryptocurrency created by the FTX platform, FTT, and others problematic as suspicious dimensions of its activity. These revelations led to the collapse of that particular digital currency and the SBF empire with it. His personal fortune ($26 billion, […]
Source: News Beast
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