Sam Bankman-Fried, the former CEO of the now-bankrupt cryptocurrency exchange FTX, has been sentenced to 25 years in prison for stealing $8 billion from FTX clients. This landmark ruling was delivered today by Judge Lewis Kaplan, who dismissed Bankman-Fried's claim that FTX clients had not actually lost any money and found that he had lied during the trial.

On November 2nd, the 32-year-old Bankman-Fried was found guilty on seven counts of fraud and conspiracy arising from FTX's collapse in 2022, marking it as one of the largest financial frauds in US history.

Judge Kaplan noted Bankman-Fried's lack of remorse in his sentencing remarks. "He knew it was wrong," Kaplan stated before issuing the sentence. "He knew it was criminal. He regrets making a very bad bet on the likelihood of being caught. But he is not going to admit anything, which is his right."

During the hearing, Bankman-Fried acknowledged the harm to FTX customers and apologized to his former colleagues at FTX but stopped short of admitting to any criminal wrongdoing. Expressing his regret prior to the verdict reading, he said, "I made a series of bad decisions." "I was responsible for FTX, and its collapse is on me," he added.

Bankman-Fried plans to appeal both the conviction and his sentence. His legal team had sought a lighter sentence of up to six and a half years, arguing that FTX customers could potentially be fully compensated in a bankruptcy proceeding.

Conversely, prosecutors had requested a sentence of up to 50 years, contending that Bankman-Fried was likely to reoffend if released.

"Defendant's claim that FTX's customers and creditors will be fully paid is misleading, logically flawed, and speculative," Judge Kaplan stated. "A thief who takes loot to Las Vegas and successfully gambles it does not deserve a reduced sentence by using the winnings from Las Vegas to return what he stole."