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• Sam Bankman-Fried, the guy who used to run FTX, has to go to jail for 25 years because he did some really bad things with money.
• He also has to give up $11 billion, and part of that money will come from selling stuff he owns, like a fancy airplane.
• This punishment is a big deal because it’s supposed to make other people think twice before they try to do anything sneaky with money in the world of cryptocurrency.

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FTX Founder Sam Bankman-Fried Sentenced to 25 Years for Fraud and Conspiracy

Here’s what happened:

Sam Bankman-Fried, who was in charge of a big company called FTX that worked with digital money, got into big trouble. A judge in New York City, named Judge Kaplan, said he has to spend 25 years in jail. This happened because Sam did some things that were against the law, like tricking people and conspiring, which means he planned with others to do these bad things.

Last year, FTX had a huge problem and basically fell apart. This was a shock to lots of people who use digital money. The judge said Sam didn’t seem sorry for what he did and thought just because he used to do nice things, he could get away with the bad stuff.

There was a big meeting in court that lasted two hours. People who were hurt by what Sam did, the lawyers trying to protect him, and the lawyers trying to prove he did wrong all got to speak. The prosecutors, who are the lawyers against Sam, talked about how much his actions hurt other people.

Besides going to jail, Sam has to pay a lot of money, $11 billion. Some of this money will come from selling his things, like a very expensive airplane he owned.

Sam’s lawyer tried to make him look like a good guy who just loves math and didn’t mean to hurt anyone. He even said Sam should get a lighter punishment because he thinks differently due to autism.

Sam also got to speak.

“He said he was sorry, especially to those who lost money because his company, FTX, messed up. He thought his company could have solved its problems, but now he knows he was the reason for the mess.

The judge chose a less severe prison near his family for Sam because he’s never done anything violent and because of his health. This episode is a piece of wisdom for anyone involved in cryptos, Not only for me but also for you. It’s exposing the reality that the breach of the law is not limited only to minor consequences, but even the ones you can’t predict.

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