In this news:
Bankman-Fried was sentenced to 25 years in prison in March 2024 for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research.
Once celebrated as a crypto wunderkind, Bankman-Fried was exposed for misappropriating billions of dollars in customer funds to support his own trading firm, Alameda Research, and for living an extravagant lifestyle in Hong Kong and later the Bahamas.
Caroline Ellison, who led Alameda Research and was romantically involved with Bankman-Fried, received a significantly lighter sentence of two years. Her cooperation with prosecutors proved crucial in unraveling the complex web of fraudulent activities at FTX, allowing authorities to build a strong case against Bankman-Fried and other executives.
Bankman-Fried is in the process of appealing his conviction and sentence.
Ryan Salame, a former top lieutenant of FTX founder Sam Bankman-Fried, was sentenced to 90 months, followed by three years of supervised release.
FTX engineering chief Nishad Singh got no jail time and three years of supervised release for his role in the crypto fraud; and Gary Wang, the co-founder and chief technology officer of FTX, also avoided prison time.
In May 2024, the bankruptcy estate of FTX announced that almost all customers would get their money back — and more.
A judge on Wednesday dismissed most of the claims against celebrities and athletes who were involved in promoting FTX in commercials and on other platforms.
Stars like Tom Brady, Gisele Bündchen, Kevin O'Leary and Stephen Curry were among those facing a suit brought by a group of FTX investors.
.png)
