Crypto entrepreneur Sam Bankman-Fried convicted of financial fraud, sentenced to 25 years in prison

Crypto entrepreneur Sam Bankman-Fried on Thursday was sentenced to 25 years in prison for stealing $8 billion from customers at the failed crypto exchange, FTX.

U.S. District Judge Lewis Kaplan said that the FTX founder had committed "obstruction of justice," according to NBC News.

Bankman-Fried admitted during his sentencing hearing in New York that he made "selfish decisions" when running the failed crypto exchange. 

“They built something really beautiful and I threw all of that away,” Bankman-Fried said of his former co-workers at the exchange, according to CNBC News.

He said that he had made a “series of selfish decisions” while running FTX.

“It’s been excruciating to watch this all unfold,” he said. “Customers don’t deserve this level of pain."

Prosecutors have accused Bankman-Fried of stealing $8 billion from the firm's customers.

FTX declared bankruptcy in 2022 following reports that the exchange was in financial trouble, which resulted in investors rushing to take out their money followed by the collapse.

Earlier this month, federal prosecutors recommended Bankman-Fried receive 40-50 years in prison after being convicted of federal fraud charges related to the collapse of FTX.