FTX founder faces decades in prison for 'one of the biggest financial frauds in history'

Sam Bankman-Fried founded the cryptocurrency exchange FTX, which collapsed in November 2022 amid revelations he had siphoned billions in customer funds.

Prosecutors said Bankman-Fried perpetrated one of the biggest financial frauds in history and asked for a 40-50 year prison sentence.

At the height of his success, Bankman-Fried was worth billions, hobnobbed with politicians, and claimed FTX was more secure than rivals.

Prosecutors alleged Bankman-Fried stole client money to back risky trades, pay personal expenses, and prop up linked hedge fund Alameda Research.

Facing sentencing in late March, the unrepentant Bankman-Fried could receive 20+ years in prison for fraud and money laundering convictions.