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The "king of cryptocurrencies" is sentenced to 25 years in prison in the USA

2024-03-28 17:01:22Kosova&Bota SHKRUAR NGA REDAKSIA VOX
The "king of cryptocurrencies" is sentenced to 25 years in prison in
Sam Bankman-Fried

Sam Bankman-Fried has been sentenced to 25 years in prison for a multi-billion dollar cryptocurrency fraud scheme in the United States of America.

Bankman-Fried, a young man and described as a talented man with a bright future, founded the cryptocurrency service network "FTX".

Investors entrusted him with millions of dollars, turning FTX into the second largest "Exchange" in the world with about 10-15 billion dollars traded every day.

He managed to get the support of music, cinema and sports stars, including the NFL's Tom Brady.

FTX went bankrupt due to mismanagement of funds, lack of liquidity and high volume of withdrawals. Binance announced it would buy FTX to prevent a bigger crypto market shock, but quickly backed out of the deal after more news reports surfaced of misappropriated customer funds.


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