Bankman-Fried gets 25 years for fraud
Former "crypto king" Sam Bankman-Fried will report to federal prison


What happened
A federal judge in New York on Thursday sentenced Sam Bankman-Fried to 25 years in prison for defrauding customers, money laundering and other crimes tied to the collapse of his cryptocurrency exchange FTX. He was also ordered to forfeit $11 billion in assets.
Who said what
Judge Lewis Kaplan said Bankman-Fried deserved a long sentence because he lied at trial, failed to show remorse and there's significant "risk that this man will be in a position to do something very bad in the future." Bankman-Fried, 32, said he is "sorry about what happened at every stage" and "my useful life is probably over now."
The commentary
The stiff sentence sets a "crucial" example for aspiring crypto fraudsters, Crypto Council for Innovation CEO Sheila Warren told The Washington Post. "What we don't want to do is incentivize people to say, 'Oh, you just pay a big fine and do whatever you want.' No, you go to jail if you lie, if you steal."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
Kaplan said he will advise that Bankman-Fried be sent to a low- or medium-security prison near San Francisco. The fallen "crypto king" will probably serve 17 to 20 years, The Wall Street Journal said, citing prison consultants. Bankman-Fried is young enough that "he will see the light of day," said Ira Lee Sorkin, a defense lawyer whose client Bernie Madoff died in prison, to The New York Times. "But he is going to spend a lot of time in a cell."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Stephen Graham's best TV and film roles
The Week Recommends From Line of Duty to Adolescence, these are the prolific actor's must-watch projects
By Irenie Forshaw, The Week UK Published
-
Today's political cartoons - March 25, 2025
Cartoons Tuesday's cartoons - the gloves are on, mitt readings, and more
By The Week US Published
-
Is it safe to share state secrets with the US?
Today's Big Question Accidental top-level leak stokes security concerns from America's allies
By The Week UK Published
-
Texas arrests midwife on felony abortion charges
Speed Read Maria Margarita Rojas and an employee at one of her clinics are the first to be criminally charged under Texas' near-total abortion ban
By Peter Weber, The Week US Published
-
South Carolina to execute prisoner by firing squad
speed read Death row inmate Brad Sigmon prefers the squad over the electric chair or lethal injection, his lawyer said
By Peter Weber, The Week US Published
-
North Korea may have just pulled off the world's biggest heist
Under the Radar Hermit kingdom increasingly targets vulnerable cryptocurrency, using cybercrime to boost battered economy and fund weapons programmes
By Harriet Marsden, The Week UK Published
-
Mexico extradites 29 cartel figures amid US tariff threat
Speed Read The extradited suspects include Rafael Caro Quintero, long sought after killing a US narcotics agent
By Rafi Schwartz, The Week US Published
-
Leonard Peltier released from prison
Speed Read The Native American activist convicted of killing two FBI agents had his life sentence commuted by former President Joe Biden
By Rafi Schwartz, The Week US Published
-
Ex-Sen. Bob Menendez sentenced to 11 years
Speed Read The former New Jersey senator was convicted on federal bribery and corruption charges last year
By Rafi Schwartz, The Week US Published
-
Police ID driver of exploded Cybertruck, can't see motive
Speed Read An Army Green Beret detonated a homemade bomb in a Tesla Cybertruck in front of the Trump International Hotel in Las Vegas
By Rafi Schwartz, The Week US Published
-
Teenage girl kills 2 in Wisconsin school shooting
Speed Read 15-year-old Natalie Rupnow fatally shot a teacher and student at Abundant Life Christian School
By Peter Weber, The Week US Published