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  • The Independent

    What happened to FTX? The collapse of Sam Bankman-Fried’s crypto ‘house of cards’

    by Bevan Hurley and Ariana Baio Dec 13, 2022 4 minutes
    Source: AFP via Getty Images

    Sam Bankman-Fried’s spectacular fall from grace has been sealed with his sentencing on seven criminal charges including fraud and conspiracy.

    The FTX founder and former chief executive, known by his initials SBF, was indicted, arrested, extradited, tried, found guilty and now sentenced to 25 years in prison on charges of defrauding investors and customers of more than a billion dollars.

    Last November, the former billionaire was found guilty on seven charges, including two counts of fraud and five counts of conspiracy for “knowingly” lying to investors, lenders and customers since 2019 and using money to engross himself and make campaign finance donations.

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