Nearly two years after the FTX cryptocurrency exchange filed for Chapter 11 bankruptcy protection in the United States, former CEO Sam Bankman-Fried has been sentenced to 25 years. During the court session, Judge Lewis Kaplan received many documents, with the defense submitting 450 out of 1,500.

Throughout the proceedings, Sam Bankman-Fried expressed regret for the suffering experienced by FTX victims due to financial and emotional stress. However, he maintained that FTX customers could have been reimbursed as there were adequate assets.

Judge Kaplan noted that Sam Bankman-Fried led to the downfall of the former second-largest crypto exchange valued at $35 billion. He also highlighted that the defense had previously given false statements, even after losing $8 billion of customers' funds.

Looking ahead, Sam Bankman-Fried faced a maximum sentence of 110 years, with prosecutors recommending 40-50 years. Despite the defense requesting less than 6.5 years based on good deeds, the Judge decided on a 25-year prison term for the 32-year-old former crypto leader.