According to Bloomberg, the biggest financial fraudster in US history, Sam Bankman Fried, could face upto 115 years in prison if convicted on all of the eight counts against him. Last Monday, he was arrested by Police in the Bahamas and is currently in US custody. He has been accused of multiple crimes, including violating campaign finance laws.
About FTX and scam
At the beginning of 2022, FTX was one of the world’s biggest cryptocurrency exchanges. It was launched by Sam Bankman Fried in 2019. His net worth was around 26.5 billion USD before the FTX scam. The exchange filed for bankruptcy last month after it could not raise funds to save itself from collapsing when traders worldwide started withdrawing 6 billion USD from the platform within 3 days.
Soon after this incident, many crypto investors from the US sued the FTX owner and other big celebs who promoted the platform as being engaged in deceptive practices. Various reports cite that the investors suffered a loss of around 11 billion dollars due to the scam.
As per the reports, many agencies are still trying to find out what exactly was the case in the FTX scam. It is suggested that the FTX owner used the customer funds to support its Alameda Crypto Research, where he used to make ventures and real estate investments. He also used those funds to influence United States politics and gain some power.
Sam Bankman Fried could face upto 115 years in prison
Mr Willians, the United States Attorney for the Southern District of New York, stated that Sam Bankman used all his money to buy bipartisan influence. He also added that the FTX owner is accused of using hundreds of millions in ill-gotten gains for multiple illegal campaign funding.
He also mentioned that Sam Bankman could face upto 115 years in prison for this many crimes. This would only be possible if he is convicted for all the charges filed against him. However, no one is usually sent to jail for such a long time; it basically means lifetime imprisonment.
What do you think could exactly happen in the FTX scam? For how many years do you think FTX owner Sam Bankman will be in prison? Let us know in the comments below. And if you found our content informative, share it with your family and friends.