Prison term for 115 years – charges for the founder of the FTX crypto exchange are so long

Sam Bankman-Fried, founder of troubled crypto exchange FTX, faces up to 115 years in prison if found guilty on all eight counts of the US Department of Justice.

A prison term of 115 years is how long the accusations are for the founder of the FTX crypto exchange

Photos from open sources

specifiesthat we are talking about conspiracy to defraud customers and creditors, money laundering and violation of campaign finance laws. Bankman-Fried’s actions were called “one of the biggest financial scams in American history” by Manhattan Attorney Damian Williams. The complex tangle of machinations is unraveled by the FBI, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), who work around the clock.

According to the US Securities and Exchange Commission, Sam Bankman-Fried defrauded investors of $1.8 billion.

At the request of the US Attorney’s Office, Bankman-Freed was
detained in the Bahamas on December 12th. The judge did not allow him to be released on bail due to the “high risk of absconding”.

FTX’s problems began in the first half of November after the release of an investigation by CoinDesk, which indicated the insolvency of the exchange. Investors rushed to withdraw money en masse. The situation has heated up
news about the potential takeover of the FTX exchange by its competitor Binance. Against their background, cryptocurrencies rapidly became cheaper, but
collapsed even more after the deal was cancelled.

Bankruptcy FTX set off a chain reaction in the crypto world: some exchanges also went bankrupt, others began to sharply reduce staff. In the two weeks since FTX filed for bankruptcy, investors withdrew nearly $20 billion from crypto funds.

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