News about Sam Bankman-Fried

Sam Bankman-Fried's fraud trial may have concluded with convictions across the board, but sentencing remains up in the air. The term for the newly imprisoned crypto crook could be more than 100 years, of which a veteran Ivy League law professor predicted on Saturday that he would likely complete 50 years. The ordonned sentencing came a week after the 31-year-old was found guilty of seven counts of dishonesty and conspiracy in New York federal court for stealing more than $10 billion from FTX's thousands of customers and investors. It comes also following a whirlwind trial relating to the demise of his crypto empire in November 2022, both of which stunned the world due to the size of the 31-year-old's now known crimes.

Attorney Andrew Dietderich told Delaware bankruptcy judge John Dorsey that the firm was attempting to liquidate the funds, which alone have a book value of $4.6 billion. Following the company's implosion last year, it comes on top of the $425 million in crypto being held by the Securities Commission of the Bahamas. Dietderich informed the court that there is still cash in what is owed to customers, but that the total amount remains uncertain. In contrast, the judge gave new FTX CEO John Ray III, who took over from Sam Bankman-Fried, the right to keep the identities of its nine million accounts private. Dietderich announced at the hearing that the company had discovered 120 billion transactions on the fallen crypto giant's websites.

Frost also revealed that his bid for Florida's 10th congressional District was also funded by Bankman-Fried's money by a pro-Welch group named Protect Our Future. Democrat Frost, a 25-year-old Democrat, is the first member of Gen Z to be elected to Congress. He's also one of the new and incumbent lawmakers on both directions of the aisle who have profited from Bankman-Fried's money. It comes after the demise of the 30-year-old's multibillion dollar cryptocurrency business FTX shocked the financial world and resulted in client losses of $10 billion. Bankman-Fried was arrested in the Bahamas earlier this week and is expected to be extradited to the United States.

The demise of the high-profile company, led by Sam Bankman-Fried, after billions of dollars were owed to investors, according to officials at Threadneedle Street, although stricter controls were required. And Bank governor Andrew Bailey (pictured) reiterated his long-skepticism about crypto assets, whose value has dropped from a high point of about £2.4 trillion to £650 billion in less than a year.