Sam Bankman-Fried sentenced to 25 years in prison

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Sam Bankman-Fried, di former billionaire crypto boss don chop 25 years imprisonment sake of di fraud and cash laundering wey im dey concerned in.

Financial institution-Fried wey dey convicted since final yr seem for court docket for New York wia dem sentence am to imprisonment for di crimes wey im commit.

Authorities arrest Bankman-Fried final yr afta im agency, FTX, go bankrupt.

FTX get round 1.2 million registered customers wey bin dey use di alternate to purchase cryptocurrency tokens like Bitcoin and hundreds extra.

From massive merchants to common crypto followers, all of dem don dey marvel if dem go ever get di financial savings wey dey trapped for FTX digital pockets.

FTX declare chapter quickly afta Bankman-Fried step down as CEO for 2022.

In response to one court docket, FTX at the moment dey owe dia 50 largest collectors virtually $3.1bn.

Prosecutors bin accuse Bankman-Fried of mendacity to traders and lenders and stealing billions of {dollars} from cryptocurrency alternate FTX, serving to to to make am collapse. Dem cost am with seven counts of fraud and cash laundering.

E bin plead not responsible to all di expenses, sustaining say, whereas e bin make errors, e bin act in good religion.

Na round 18:00 native time (23:00 GMT) on Monday, 12 December, 2022 officers of di Bahamas Monetary Crimes Investigation Unit arrest Sam Bankman-Fried for im residence complicated, for Nassau, at di request of US authorities, primarily based on a sealed indictment wey di Southern District of New York (SDNY) bin file.

Di man wey dem previously nickname di “King Of Crypto” see im firm collapse, step down as chief govt and face prison investigation.

Mr Bankman-Fried – di former boss of cryptocurrency alternate FTX – na ogbonge gamer. And inside tweets to im almost a million followers, e clarify why. Taking part in di crew fantasy battle recreation na im technique to get im thoughts to change off from working two corporations buying and selling billions of {dollars} a day.

FTX disintegrate afta dem bin dey valued at $32bn (£26.5bn).

Many traders no dey capable of withdraw dia funds from di international alternate wey now dey bankrupt.

Plenti pipo bin see Bankman-Fried as a younger model of legendary US investor Warren Buffet, wen im internet price wey bin estimate at greater than $15bn for October 2022.