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FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, has been sentenced to 25 years in prison by a US federal judge in the Southern District of New York. Bankman-Fried was found guilty of seven counts of fraud and conspiracy in connection with the collapse of FTX. The exchange ran out of funds in November 2022, and it was discovered that Bankman-Fried had orchestrated an elaborate fraud scheme, diverting billions of dollars of user funds for personal use. The US government described it as "one of the largest financial frauds in history." Bankman-Fried's sentence marks a significant downfall from his previous success as a self-made billionaire and philanthropist in the crypto industry.

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