This news might shock you. Recently, the founder of cryptocurrency exchange service FTX, Sam Bankman-Fried (SBF) has been sentenced to 25 years in prison by a court in New York. SBF was found guilty of seven charges involving money laundering and online fraud last November in a fraud case involving losses of up to $8 billion (~RM 38 billion).
For your information, he was originally facing up to 115 years in prison for various criminal charges. This is a sudden change of fortune for SBF. A few years ago. He was crowned as the new generation Warren Buffet with him promising to donate his wealth to humanitarian causes.
In addition, throughout the trial witnesses consisting of former employees of FTX and Alameda Research, the trial mentioned that SBF was involved in deliberately transferring client funds for personal use. The FTX scandal caused various crypto values and also several other crypto companies to be badly affected and only recovered over the past three weeks.
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