FTX founder Sam Bankman-Fried, once a celebrated figure in the cryptocurrency world, is facing decades behind bars for multiple fraud charges.
Bankman-Fried, the Democrats’ second largest donor after radical billionaire Goerge Soros, was found criminally liable on several serious charges, the Washington Examiner reported.
The charges include wire fraud, securities fraud, and money laundering.
The case marks a significant downfall from his previous status as an industry pioneer and darling of the liberal media.
The conviction of Bankman-Fried on seven criminal charges related to his cryptocurrency exchange and hedge fund operations could lead to 110 years in prison, with the possibility of an appeal post-sentencing.
However, prosecutors are suggesting up to 50 years in prison for the crimes.
Bankman-Fried’s journey into the legal mire began when he was convicted of seven counts of financial crimes.
This suite of charges painted a stark picture of financial misdeeds and manipulations that shocked many who had followed his rapid rise in the cryptocurrency sphere.
The potential prison time Bankman-Fried faces totals an astounding 110 years, underscoring the gravity of his offenses.
The charges reflect not just the financial losses incurred by his company’s clients but also a breach of trust within the larger