Sam Bankman-Fried, the "Crypto King" jailed for 25 years

[Yudhisthir]

Sam Bankman-Fried, commonly know as the "Crypto King" and "The Golden Boy" who was the founder of FTX exchange, was convicted and sentenced to 25 years in prison for for defrauding customers and investors. A New York court gave away that sentence. Further, he needs to forfeit $11bn to compensate victims.
He was one of the youngest billionaire, a billionaire in early 20s, greed and risking people money without consent led him to being sent to jail at the age of 32.

https://www.bbc.com/news/business-68677487

[Reatim]

It really puts things into perspective that one day you
might be the richest person on the planet and the next day
you will have nothing but a cent. May this become a reminder
that we should be careful with our funds and not trust just about
anyone because it is so easy to lose the money you just worked for.

[Sophokles]

That man should be sentenced to death for what he have done. Many families were destroyed because of him and his irresponsibility. I think the punishment he gets is not enough, and he deserves even more than 25 years. It seems his family influence help him a lot in this trial. Also i wanted to know what happens with his girlfriend and the head of the alameda research. Aren't they or she also responsible for this blunder they made together. She should also be in jail.

[asriloni]

That's only 25 years, and it must have been around 100 years for his big crime. Thousands of people are losing their money even, and some of them are also doing suicide. SBF must be fully responsible for all the chaos that happened to all affected users. The sanction shall be shorter than 25 years, which looks light for him.

SBF has been doing one of the biggest crimes in the cryptocurrency, and he deserves to be jailed for 1 century. He will be wasting all of his time in the jail which sounds good.

[tsaroz]

I too lost a lot buying FTX token at $55 and selling for $5. FTX was the exchange at that time. They offered the cheapest trading fees among entire A tier exchanges and it's volume was rapidly increasing. Sam Bankman-Fried did used the funds deposited by the users without consent and offered it to his own company called Alameda Research. Everything was fine till the bull lasted but when the bear arrived, Sam had more loans than assets. There's a lack of transparency and regulations on crypto exchanges that enables a few people to use the coins the way they want. This has time and again brought problems.

[xandriel]

At least he will be out of jail at 55 or 60, still having many years to live a luxurious life, unlike many who now have a hard life because they lost all their money to him. 11 billion dollars, man, maybe that's the GDP of a small country. 

[Sayeds56]

That man should be sentenced to death for what he have done. Many families were destroyed because of him and his irresponsibility. I think the punishment he gets is not enough, and he deserves even more than 25 years. It seems his family influence help him a lot in this trial. Also i wanted to know what happens with his girlfriend and the head of the alameda research. Aren't they or she also responsible for this blunder they made together. She should also be in jail.

It is understandable to feel so strong about a significant crime committed by the CEO of a leading crypto company, specially when his unwise decision and actions result in loss of millions of dollars to the investors who trusted him. Such action can devastate the financial security of countless people who placed their faith in the integrity of the company and its leadership.He knew what he was doing is wring but he didn't think of the millions of investors who had stake in his crypto exchange. he knew what he was doing is wrong, yet he failed to consider the millions of ivestots who had stake in his crypto exchange.

[electronicash]

he stays 25 years inside, he comes out of the jail with his asshole's radius as wide as 25 inches. he's a freak of nature now, he'd be freaker then.

if i am one of those who lost money through FTX, i wouldn't mind if this guy gets out of jail the next day as long as a percentage of my money will be recovered.
makes no sense when there is no discussion about whether the investors can get their money back.

[God bless u]

That should be done to each and everyone here in the crypto world who is doing scams and promoting negative impacts about crypto. Yes the newbies are also responsible for their actions when they get scammed but the real one behind this all is the one who does it intentionally.

This is a good example to set but it needs to be addressed more sincerely and precisely. We need to make sure that like other sectors of earnings the crypto world should also be looked after. There should be proper laws and regulations regarding the launch of the projects and there should be an established institution to look after that. It's really important nowadays because of the expending  crypto world.

[batang_bitcoin]

With all of the clarification on how he has obtained his wealth, he can't be counted as a young billionaire because it was the people's money and he didn't do any sweat with that. Good riddance, although I am still seeing a lot of folks that wanting him to get into jail more than the verdict. 25 years for all of the stealing and misusing of people's funds, there's gotta be more with that but as long as he's going to get inside the jail and celebrate all of his days there, many are seeing justice within.

[Saisher]

25 years is not enough, for the victims and the prosecutors are expecting at least 50 years jail sentence, in fact at the time that he is free he is only 57 years still young to enjoy the billions of dollars he scammed from his investors, he can enjoy of the rest of his life.
Just imagine he will have to wait for 25 years and then enjoy the money for 25 years or more, it sent the wrong signal that you can scam spend a few years in jail and enjoy for the rest of your life the money you scam.

[DeathAngel]

It was one of, if not the worst financial crimes in recent memory. He deserves to be in jail for a long time so I’m glad he was given a long sentence. I hope he doesn’t get out early though, his actions ruined many peoples lives, the total disregard for other peoples money deserves a long sentence. FTX were doing well, they did not need to turn rogue, the whole crypto space suffered due to SBF & cronies.

[Ndabagi01]

Trying to make money from people who trust you will only make you wealthy for a few years before you spend the rest of your miserable lives in prison. He appears innocent, but deep down he is exactly what the court convicted him of. They made a big name for themselves in the crypto community and were trusted by many people; however, they turned out to be big time scammers, which is an irony that should not be attributed to cryptocurrency. They must now fully pay for their crimes and the harm they have caused to the cryptocurrency community.

[goaldigger]

This is what happens if you look for a quick money in a bad way and you might ended up like this if you get caught. Life is full of surprises, and who knows that this billionaire will ended up in jail, he should have freed that country and enjoy his billions of money, i guess he didn’t see this coming. What I realize here is that, freedom is still better than money, as long as you live a simple life with freedom, you can have everything.

[nelson4lov]

SBF wealth do not count if majority if the acquired wealth were gotten at the expense of users funds.  I'm sure that most former FTX users were jubilating yesterday when news of his prison sentence came out because it was rumored early this year that SBF will probably spend <3 years in jail due to his supposed ties with with top government officials in the US. Now that SBF's fate has been sealed, we can now focus on Do Kwon and 3AC  founders whose mismanagement of funds caused a massive cascading effect on the collapse of many web3 platforms.

I'll sleep better if that eventually happens.

[Kelward]

SBF wealth do not count if majority if the acquired wealth were gotten at the expense of users funds.  I'm sure that most former FTX users were jubilating yesterday when news of his prison sentence came out because it was rumored early this year that SBF will probably spend <3 years in jail due to his supposed ties with with top government officials in the US. Now that SBF's fate has been sealed, we can now focus on Do Kwon and 3AC  founders whose mismanagement of funds caused a massive cascading effect on the collapse of many web3 platforms.

I'll sleep better if that eventually happens.

I'm glad that Fried's case is settled, although many people thinks that he deserved more than the 25 years imprisonment that he was slammed, because he has caused all manners and levels of hardship for FXT investors whom he scammed, but the court has ruled and we have to accept their judgement. This must be a signal to other other scammers who think that they can commit crime and get away with it, the law is no respecter of anyone, if you go against it, it'll eventually catch up with the you and take it's pound of flesh. I'm glad that this sentencing will help go a long way to sanitize the crypto, so that scammers are warned about their fraudulent activities.

[Bureau]

He got listed in Forbes list of billionaire before 30 and it seems most big scammers in the world come from that list. I think it was in the pipeline that he will be imprisoned but 25 years is a small sentence. He is responsible for the deaths of many investors and he should have been give life imprisonment. I don't know whether 11 billion would be sufficient enough to compensate those who lost their money.

[God bless u]

It was one of, if not the worst financial crimes in recent memory. He deserves to be in jail for a long time so I’m glad he was given a long sentence. I hope he doesn’t get out early though, his actions ruined many peoples lives, the total disregard for other peoples money deserves a long sentence. FTX were doing well, they did not need to turn rogue, the whole crypto space suffered due to SBF & cronies.

Everyone hopes for his long sentence especially the ones who have suffered mentally and financially after the scam. It's very important that the government should sentence him and also try to recover the assets of people lost in this scam.

What we need to do is that we should put pressure on the government by some means either by social media like Twitter etc. So that people get to know about it. The problem is that we stay quiet and forget after some time. These types of people due to the power of money get bailed. We should keep talking.

[Marvelman]

Everyone hopes for his long sentence especially the ones who have suffered mentally and financially after the scam. It's very important that the government should sentence him and also try to recover the assets of people lost in this scam.

Have you at least read the title of this thread? He has already been convicted and is already serving a prison sentence.

What we need to do is that we should put pressure on the government by some means either by social media like Twitter etc. So that people get to know about it. The problem is that we stay quiet and forget after some time. These types of people due to the power of money get bailed. We should keep talking.

wtf? Are you suggesting we pressure independent government institutions through social media platforms like Twitter, which is now owned by the mentally unstable billionaire Elon Musk? What the heck are you talking about?

[LogitechMouse]

~
https://www.bbc.com/news/business-68677487

After 25 years, he will be 57 years old already. We aren't sure if he will serve the full 25 years because as much as we hate SBF, there might be a chance that he will go out earlier because of "good behavior".

This is also the reason why I think 25 years is too short considering that the initial number of years that he will be in jail was around 100+ years. The once billionaire turned into a fraudster. Well, he's been called a billionaire because he is holding a huge amount of money that came from different investors of his project. The sentence has been given, and I don't hope for the best for him, but I do hope that he will pay those investors who lost their money, and when I mean pay, they will be paid in full.

Scam Bankrupt-Fraud's reputation has been destroyed already and even when he goes out of jail, I doubt that there will still be people who will trust him just in case he creates a new crypto project again. Overall, I feel worried to those investors who lost their money investing into the project. Some of them even put their life savings into it which is not advisable but still, there are some who are doing it.