'He knew it was wrong': Sam Bankman-Fried sentenced to 25 years in prison for FTX fraud

Sam Bankman-Fried, the disgraced cryptocurrency mogul who perpetrated one of the largest financial frauds in history, has been sentenced to 25 years in prison and ordered to forfeit $11bn (£8.7bn) in assets.

- Nick Robins-Early

The lawyer for the former chief executive of the now-bankrupt cryptocurrency exchange FTX reiterated a pledge to appeal against the term.

Bankman-Fried, who was convicted of fraud and conspiracy to launder money last year, appeared in court in New York yesterday. He gave little reaction as the judge, Lewis Kaplan, read out his judgment.

During the sentencing, Kaplan described Bankman-Fried as a calculating maths genius who sought power and influence while knowingly committing wrongdoing. Although Bankman-Fried had admitted to "a series of bad decisions" over FTX's downfall, Kaplan stated that there was "never a word of remorse" for his crimes, adding: "He knew it was wrong, he knew it was criminal."

Kaplan likened the defence's claim that customers could be paid back for their losses to a situation where a thief takes his plunder to Las Vegas, then appeals for leniency if he can return with winnings.

Before Kaplan read out his decision, Bankman-Fried delivered a meandering apology of sorts, blaming the crisis at FTX on mismanagement and saying that he was "sorry about what happened".

He praised his former employees and executives, including his co-founder Gary Wang and his former girlfriend Caroline Ellison - both of whom testified against him in the trial.

Bankman-Fried claimed that he wished he could help return customers' funds, but acknowledged he was no longer in a position of power. "My useful life is probably over," the 32-year-old said.