Sam Bankman-Fried, the previous leader of FTX, got a 25-year prison sentence for being found guilty of seven counts of fraud and conspiracy. This happened a year after FTX, once a big cryptocurrency exchange, fell apart.

The judge, Lewis Kaplan, decided on the sentence, saying Bankman-Fried didn’t show any regret for his actions. He mentioned that Bankman-Fried’s public image of being positive and caring was mostly an act. Despite the defense’s claim that Bankman-Fried wouldn’t commit more crimes, the judge disagreed, pointing out that Bankman-Fried’s reputation was severely damaged worldwide.

The sentencing came after a hearing where prosecutors, Bankman-Fried’s lawyer, a victim, a lawyer representing other FTX victims, and Bankman-Fried himself spoke. Bankman-Fried plans to appeal the conviction.

Apart from the prison time, Bankman-Fried was fined $11 billion, including giving up assets like a private jet. Damian Williams, U.S. Attorney for the Southern District of New York, emphasized the severe consequences of financial crimes.

During the hearing, Bankman-Fried’s lawyer emphasized his client’s autism and awkwardness, portraying him as someone who makes decisions based on logic, not greed. Bankman-Fried himself expressed more concern for FTX customers waiting to get their money back than for his own future.

Bankman-Fried admitted his responsibility in FTX’s collapse and apologized to those affected. Some former colleagues spoke positively about his efforts to recover lost funds.

In essence, Bankman-Fried’s downfall led to severe legal consequences, emphasizing the importance of accountability in financial matters.