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Sam Bankman-Fried deserves 40-50 years in prison for FTX fraud, prosecutors say (www.reuters.com)

submitted 8 months ago by dominiquec@lemmy.world to c/technology@lemmy.world

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NEW YORK, March 15 (Reuters) - Sam Bankman-Fried should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday. ... "Even now Bankman-Fried refuses to admit what he did was wrong," prosecutors wrote in a sentencing memorandum. "His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people's money."

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[–] xthexder@l.sw0.com 31 points 8 months ago

FTX had over a million users, and was advertising publicly on things like the Superbowl. It wasn't just rich people that lost money on FTX.