Sam Bankman-Fried should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday. “Even now Bankman-Fried refuses to admit what he did was wrong,” prosecutors wrote in a sentencing memorandum. So far, 251 political candidates and committees have returned to the government some $3.3 million in contributions from Bankman-Fried and other FTX executives, prosecutors said. Bankman-Fried testified that he did not realize how much Alameda owed to FTX until shortly before both failed. Bankman-Fried was arrested in December 2022 in the Bahamas, where FTX was based, and extradited to the United States that month.

Source: Forbes March 15, 2024 20:47 UTC