COIN - Penthouse To Prison: Sam Bankman-Fried Sentenced To 25 Years As Bitcoin Resurges

2024-03-29 13:30:50 ET

Summary

• Sam Bankman-Fried, co-founder of now-defunct cryptocurrency exchange FTX and hedge fund Alameda Research, has been sentenced to 25 years in prison.
• Despite his sentencing, Bitcoin has hit an all-time high, showing the resilience of the cryptocurrency.
• The rapid popularization of Bitcoin attracted scammers and criminals, highlighting the need for regulation in the industry.
• In this case, regulation is good. You can now invest in Bitcoin via ETFs with fees of less than 0.2% annually.

Never trust a fat banker or a skinny cook.

-French proverb.

This week, a New York federal court sentenced disgraced crypto mogul Sam Bankman-Fried to 25 years in prison for his role in one of the largest frauds in U.S. financial history. Bankman-Fried co-founded FTX (FTT-USD), a now-defunct cryptocurrency exchange and hedge fund. He ran his empire from a $30-million Bahamas penthouse he shared with friends and ex-girlfriend Caroline Ellison. Ellison testified against Bankman-Fried (a.k.a. SBF) and helped clinch prosecutors' case against him. The U.S. has stated that the total losses from SBF's fraud are around $10 billion....

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