'King of Crypto' Sam Bankman-Fried sentenced to 25 years in prison

Sam Bankman-Fried, di former billionaire crypto boss don chop 25 years imprisonment sake of di fraud and money laundering wey im dey involved in.

Bankman-Fried wey dey convicted since last year appear for court for New York wia dem sentence am to imprisonment for di crimes wey im commit.

Authorities arrest Bankman-Fried last year afta im firm, FTX, go bankrupt.

FTX get around 1.2 million registered users wey bin dey use di exchange to buy cryptocurrency tokens like Bitcoin and thousands more.

From big traders to regular crypto fans, all of dem don dey wonder if dem go ever get di savings wey dey trapped for FTX digital wallet.

FTX declare bankruptcy soon afta Bankman-Fried step down as CEO for 2022.

According to one court, FTX currently dey owe dia 50 largest creditors almost $3.1bn.

Judge Lewis Kaplan sentence Bankman-Fried afta dem find am guilty of di crimes wey im commit.

Barbara Fried and Allan Joseph Bankman wey be parents to Bankman-Fried bin appear for court wia dem sentence dia son.

Di two parents na professor of law Stanford Law School.

'Bankman-Fried commit world largest financial fraud'

For di court filings, prosecutors say Bankman-Fried bin commit “one of di largest financial frauds in history, and wetin dey likely to be di largest fraud for di last decade”, taking more dan $8bn customer funds for im own purposes.

Prosecutors say im lie to investors and banks to steal more dan $8bn from FTX customers, im take money wey dem deposit ontop di platform and use di money to buy properties, make political donations and put some inside investments.

At one point, FTX dey ontop of di world, wit more dan a million customers and celebrity endorsements from tennis great Naomi Osaka and comedy icon Larry David.

Sam Bankman-Fried bin dey appear for events wit dem former British Prime Minister Tony Blair and US President Bill Clinton.

FTX bin file for bankruptcy for November 2022 wen e no fit pay debts wey e owe customers. Na dia dem discover say about $8billion dey miss for customers funds.

Dem arrest Bankman-Fried and later find am guilty of fraud and money laundering following one month-long trial.

For 2023, e take some New York lawyers less dan five hours to find Bankman-Fried guilty of stealing billions of dollars and lying to investors.

Prosecutors bin accuse Bankman-Fried of lying to investors and lenders and stealing billions of dollars from cryptocurrency exchange FTX, helping to to make am collapse. Dem charge am with seven counts of fraud and money laundering.

E bin plead not guilty to all di charges, maintaining say, while e bin make mistakes, e bin act in good faith.

Na around 18:00 local time (23:00 GMT) on Monday, 12 December, 2022 officers of di Bahamas Financial Crimes Investigation Unit arrest Sam Bankman-Fried for im apartment complex, for Nassau, at di request of US government, based on a sealed indictment wey di Southern District of New York (SDNY) bin file.

Di man wey dem formerly nickname di "King Of Crypto" see im company collapse, step down as chief executive and face criminal investigation.

Mr Bankman-Fried - di former boss of cryptocurrency exchange FTX - na ogbonge gamer. And inside tweets to im nearly one million followers, e explain why. Playing di team fantasy battle game na im way to get im mind to switch off from running two companies trading billions of dollars a day.

FTX fall apart afta dem bin dey valued at $32bn (£26.5bn).

Many investors no dey able to withdraw dia funds from di global exchange wey now dey bankrupt.

Plenti pipo bin see Bankman-Fried as a young version of legendary US investor Warren Buffet, wen im net worth wey bin estimate at more than $15bn for October 2022.