It’s been nearly two years since the FTX cryptocurrency exchange went bankrupt, and today (March 28) we’re finally going to find out what kind of punishment former CEO Sam Bankman-Fried (SBF) will receive.
During the hearing, the judge received a large number of documents, 450 of which were submitted by SBF's defense team.
Throughout the trial, SBF expressed remorse for FTX's victims, but insisted that FTX had sufficient assets to repay its customers.
Still, tensions ran high between the judge, prosecutors and the defense team because SBF did lead to the collapse of the roughly $35 billion cryptocurrency exchange.
The judge also noted that SBF and his lawyers had lied before, even after losing $8 billion in client funds.
Now, everyone is speculating on what the future of SBF will be. According to the law, he could be sentenced to up to 110 years in prison. The prosecutor hopes that he will be sentenced to 40 to 50 years, but SBF's lawyer hopes that the judge will give him a lighter sentence and only give him a sentence of less than 6.5 years.
However, the judge ultimately sentenced the 32-year-old former cryptocurrency leader to 25 years in prison.