NASSAU, BAHAMAS – Former crypto-giant Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded.

U.S. District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after he rejected Bankman-Fried’s claim that FTX customers did not actually lose money and accused him of lying during his trial testimony.

A jury found Bankman-Fried, 32, guilty on Nov. 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in U.S. history.

Bankman-Fried was arrested initially arrested in The Bahamas where he faced multiple charges. He was extradited to the United States after spending a week at the Bahamas Department of Correctional Services (BDOCS).

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