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FTX founder Sam Bankman-Fried was sentenced to 25 years in prison on Thursday for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund.
The sentence in Manhattan federal court was significantly less than the 40 to 50 years in prison that federal prosecutors wanted for Bankman-Fried, and much more than the five to six-and-a-half years that his lawyers had suggested.
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After the election the Bidders will have pardons for sale. It won't matter though. He can get out now or in 25 years. Whenever that is he will be watched very carefully by the feds. At some point during his trial I would be very surprised if he didn't fill out and list all of his assets. If he has millions or billions in BTC, the minute he starts to spend they get him on more charges for fraudulent court filings and back to club fed he goes.What he stole is a nice tidy little pile. So he goes to Club Fed for 25 years, comes out, digs up his bitcoin, and he's richer than most white-collar worker-savers at similar ages.
We've all known someone who chooses a different route - working on an oil platform, or going into the coal mines, for huge money. Work 25 years there, then retire, with a pile of money and a pension, also.
Some people did very well that way, retiring at 50 or so and living like country squires; but Bankrupt-Fraud will have it much better. And if bitcoin's value survives, he'll have beat the inflation train-wreck, too.
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United States Bankruptcy Judge John Dorsey has approved a plan for defunct cryptocurrency exchange FTX to wind down its operations as part of efforts to repay users.
In an Oct. 7 hearing in the US Bankruptcy Court for the District of Delaware, Judge Dorsey approved FTX’s liquidation plan. The plan will allow the exchange’s debtors to repay 98% of users roughly 119% of their claimed account value. ...
Nishad Singh, former director of engineering at FTX and a one-time member of Sam Bankman-Fried’s inner circle, was sentenced to time served by a federal judge on Wednesday, meaning he's not going to prison like his former colleagues.
He was also ordered to pay $11 billion in restitution.
Singh, 29, who pleaded guilty to six criminal counts including wire fraud and conspiracy in February, is the fourth FTX executive to be sentenced for his role in the fraud. Bankman-Fried was sentenced to 25 years in prison in March for his role as ringleader. Former FTX Digital Markets CEO Ryan Salame, who did not testify against Bankman-Fried, recently began serving his 7.5 year prison sentence. And Caroline Ellison, former Alameda Research CEO and one-time girlfriend of Bankman-Fried, was sentenced to two years by the same judge, District Judge Lewis Kaplan of the Southern District of New York (SDNY), last month – her sentence heavily discounted by her prompt and extensive cooperation with prosecutors.
Though Kaplan sounded sympathetic to Ellison during her sentencing last month, he contrasted her long-time involvement in and awareness of Bankman-Fried's fraud with Singh, who was out of the loop until only two months before the exchange collapsed.
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Hopefully, if these dummies were smart they put a little away for a rainy day... probably not, but if you're going to be doing shady business deals and serving time, you might consider that future possibility?Well, that is a hope.
The guy has $11 Billion just laying around or what?He was also ordered to pay $11 billion in restitution.
Bankrupt crypto exchange FTX has taken legal action against rival Binance and former Binance CEO Changpeng "CZ" Zhao over an alleged fraudulent repurchase of shares by FTX's former CEO, Sam Bankman-Fried.
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FTX alleges that Zhao sought to harm his competitor by sending out a series of tweets about the company that were "false, misleading and fraudulent," and destroyed value that would have otherwise been recoverable by FTX’s stakeholders, according to the filing.
In response to FTX's action, a Binance spokesperson said “The claims are meritless, and we will vigorously defend ourselves," in an emailed statement shared with CoinDesk.
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