Sixteen months after the collapse of his FTX cryptocurrency exchange, Sam Bankman-Fried has been sentenced to 25 years in prison. He has also been ordered to pay an $11 billion monetary judgment.The sentence follows his conviction on all seven felony charges in November 2022 — a decision reached by the jury within hours of beginning their deliberations.Bankman-Fried intends to appeal the conviction.
His poor billionaire victims
Were there not a fair pile of ‘mom and pop’ / young idiot ‘investors’ who got on the hype train and put in thousands or tens of thousands?
That was probably the large majority. Anybody who knew what they were doing didn’t leave their money on FTX.
the fall of FTX took out large swathes of the remaining crypto economy, especially in Africa. Everyone just used FTX as a shitty bank.
but then, if they knew what they were doing, they wouldn’t have gone near crypto
Well yeah, you’re right, it was more than just an exchange failing