Disgraced crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison after being convicted of stealing billions of dollars from his customers.
He was the chief executive of FTX, which suddenly went bankrupt in November 2022 – leaving millions of users frozen out of their accounts and unable to make withdrawals.
The 32-year-old American could have faced up to 100 years behind bars – but last month, his lawyers argued such a sentence would have been “barbaric” and a five-year term would be more appropriate.
Initial reports said he had been sentenced to 20 years – but this has since been corrected to 25.
Prosecutors had asked the judge to jail Bankman-Fried for 40 to 50 years, arguing the public needed protecting from the fraudster and a harsh punishment would deter other criminals.
“The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years,” prosecutors said in a court filing.
“He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials. Each of these crimes is worthy of a lengthy sentence.”
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Prosecutors also said Bankman-Fried had cost customers, investors and lenders over $10bn (£7.9bn) by misappropriating funds to fuel his quest for influence and dominance in the new industry, and had illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
At the sentencing hearing in Manhattan, Judge Lewis Kaplan said the businessman lied on the witness stand when he insisted he had no knowledge of customer funds being used this way.
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The judge also described Bankman-Fried’s claim that victims will be paid back in full as “misleading and logically flawed”.
“A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back what he stole,” Judge Kaplan warned.
Crypto king’s jail term is end of an era
Sam Bankman-Fried was breathlessly described as a wunderkind – a boy wonder transforming the world of finance.
Renowned for his messy hair and unkempt appearance, he graced the covers of Forbes and Fortune, who pondered whether he could become the next Warren Buffett.
The 32-year-old was the founder of FTX, which had quickly become the world’s second-largest cryptocurrency exchange – a place where investors could buy and sell digital assets like Bitcoin.
Star-studded adverts featuring the tennis player Naomi Osaka and the comedian Larry David added to its allure – with eye-watering sums spent on sponsorship deals.
But in November 2022, Bankman-Fried’s crypto empire came crashing down after it emerged that customer funds worth $10bn (£7.9bn) was missing.
The judge said that the sentence reflected “a risk that this man will be in a position to do something very bad in the future”.
“And it’s not a trivial risk at all.”
He added that it was “for the purpose of disabling him to the extent that can appropriately be done for a significant period of time”.
Before he was sentenced, Mr Bankman-Fried apologised in a rambling statement.
Image: Sam Bankman-Fried leaving court last July. Pic: Reuters
“A lot of people feel really let down. And they were very let down. And I’m sorry about that. I’m sorry about what happened at every stage,” he said.
“My useful life is probably over. It’s been over for a while now, from before my arrest.”
Judge Kaplan said he would advise the Federal Bureau of Prisons to send him to a medium-security prison or less near the San Francisco area because he’s unlikely to be a physical threat to other inmates or prison staff, and his autism and social awkwardness would make him vulnerable to other inmates in a high-security location.
It took just five-and-a-half hours for a jury in New York to convict him of two counts of fraud and five of conspiracy last November.
Three people from Bankman-Fried’s inner circle – including his former girlfriend Caroline Ellison – pleaded guilty to related crimes and testified at his trial.
Image: Sam Bankman-Fried’s colleague and on-off girlfriend Caroline Ellison testified against him. Pic: Reuters
Bankman-Fried’s conviction followed a dramatic fall from grace from his time as chief executive of FTX – the second-largest cryptocurrency exchange in the world at one time – when he was worth billions of dollars on paper.
FTX allowed investors to buy dozens of virtual currencies, from Bitcoin to more obscure ones like Shiba Inu Coin.
Image: Pic: Reuters
Flush with billions of dollars of investors’ cash, Bankman-Fried rode a crest of success that included a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady, basketball star Stephen Curry and comedian Larry David.
But after the collapse of cryptocurrency prices in 2022, Bankman-Fried tried to plug the holes in the balance sheet of FTX’s hedge fund affiliate, known as Alameda Research.
Bankman-Fried’s victims – an estimated 80,000 of whom are based in the UK – remain out of pocket, with some losing their life savings.
Prosecutors described his crimes as one of the biggest financial frauds in US history.
The hit musical about anti-government protest is now showing at the Kennedy Center in Washington DC.
Donald Trump was in the audience for Wednesday’s performance for what amounts to a busman’s holiday.
The narrative explores issues of social justice, love, and the enduring power of human compassion amidst a backdrop of poverty and revolution. Not everyone shares the president’s vision of those themes.
Indeed his presence drew what can only be described as mixed reviews from his fellow theatre goers – cheers and boos in equal measure as he waved from the front row of the circle.
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The script of Les Miserables barely presents a break from the day job – Trump won’t be the only one getting a sense of art imitating life, as the real thing plays out on the streets of LA.
It is the first show the president has chosen to attend since he made sweeping changes at the iconic venue, prompting an outcry and accusations that he was politicising art and ‘MAGAfying’ the venerated institution.
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According to CNN, a number of Les Miserables cast members had planned to sit out the performance in protest.
The Kennedy Center is a prestigious venue that showcases the best of American performance art.
More than 2,000 shows per year include the famous honours ceremony, an annual event that celebrates artists who have made a significant contribution to US culture.
Honourees through the years have included Joni Mitchell, Aretha Franklin, the Grateful Dead and Francis Ford Coppola.
Image: The Kennedy Center in Washington DC
Following his election in November, Trump made himself chairman of the Kennedy Center’s board and replaced members with political loyalists.
Traditionally, the board has been made up of individuals from across the political spectrum; after his election, Trump got rid of 18 members and replaced them with political soulmates, including his chief of staff Susie Wiles and Fox presenters Laura Ingraham and Maria Bartiromo.
Donald Trump signalled a change in artistic direction at the Kennedy Center when he wrote on social media of “Drag shows specifically targeting our youth”, and said of its production schedule: “We didn’t like what they were showing, we’re going to make sure it’s good and it’s not going to be woke.”
His changes prompted a number of acts to cancel shows at the venue in protest. The touring production of Broadway hit Hamilton cancelled dates, as did actor and producer Issa Rae, writer Louise Penny and Pulitzer Prize-winning folk musician Rhiannon Giddens.
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Trump’s attendance at the Les Mis performance was designed to boost fundraising, with donors paying up to $2m to attend a reception with the president.
Ticket sales and subscriptions have, reportedly, slumped since Trump’s changes although the centre’s management points out its campaign to renew subscriptions has been launched later this year than last.
Trump watched the performance of Les Miserables from the presidential box, in the company of his wife, Melania.
Vice president JD Vance was also there. When he attended a performance by the National Symphony Orchestra in March with his wife, he was booed by members of the audience.
For the first time in more than 30 years, tanks will roll through the capital of the United States.
The 250th anniversary of the United States Army could see hundreds of thousands descend on Washington DC to watch as 60-ton M1 Abrams battle tanks and Paladin self-propelled howitzers rumble along the streets.
But, like almost everything Donald Trump is involved in, it has not come without controversy or criticism.
It wasn’t originally planned as a birthday celebration – the event had been in the works since before Trump was elected – but earlier this year the President announced his intention to add a massive military parade to the event, which would coincide with his own 79th birthday.
Speaking earlier this week, Trump said it is going to be a “big day”, adding: “We want to show off a little bit.”
Officials have estimated around 200,000 people could turn out, including protesters, plus 6,600 soldiers, 150 vehicles and 50 aircraft.
More than 1,500 ‘No Kings’ demonstrations have also been planned across the US, but the group has said it will not be holding events in Washington DC, in part to avoid a direct confrontation.
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It comes as the president warned that any protesters who rain on his military parade “will be met with very big force”.
Does the US typical hold military parades?
Unlike other countries, military parades in the United States are fairly rare, but Trump has made no secret of his desire for one.
The last time such a major display took place in the US it was in 1991, when tanks and thousands of troops paraded through Washington to celebrate the ousting of Iraqi president Saddam Hussein’s army from Kuwait.
Image: Troops march over the Memorial Bridge in Washington DC, as they head towards the Pentagon during the National Victory Day Parade in 1991. Pic: PA
During Trump’s first administration, he ordered the Pentagon to look into holding a display after a visit to France in 2017.
He was seemingly inspired after witnessing the country’s Bastille Day parade, and attempted to plan a Veteran’s Day parade for 2018. However, this was cancelled due to “ridiculously high” cost estimates.
Trump ultimately settled for a display of tanks and other armoured vehicles during a fourth of July celebration, named Salute to America, two years later.
Image: Tanks parade past President Donald Trump, Melania Trump, President Emmanuel Macron and his wife Brigitte Macron in 2017. Pic: AP
What is happening on the day?
Saturday will start with a wreath-laying ceremony in the morning at Arlington National Cemetery, followed by an army birthday festival on the National Mall in DC. The festival will include equipment displays and military demonstrations.
The day will conclude with a military parade throughout the city, overseen by Trump.
After the parade, the US Army Golden Knights team will parachute in and present the president with a flag.
How much will it cost?
All the celebrations will cost the US Army between $25 million (£18.51m) and $45 million (£33.33m), officials told Reuters.
Image: Preparations are underway in Washington DC for the celebrations. Pic: AP
These estimates include costs that will be born by the city of Washington, include litter clean up. The event will involve 18 miles of fencing and 175 metal detectors being installed in the capital.
The military has also begun taking steps to protect the streets from damage caused by heavy tanks, including laying down metal plates in some areas.
The Army said it will pay for any unexpected repairs if needed and has set aside several million dollars in case of damage.
Why is it controversial?
President Trump’s critics have called the parade an authoritarian display of power, that is particularly wasteful as his administration seeks to slash federal spending.
Image: Military vehicles are being transported to Washington DC ahead of this weekend’s parade. Pic: AP
The cost of the Army’s celebration is several million dollars more than it would have been without a parade, officials said.
Among the critics is California Governor Gavin Newsom, who has been trading barbs with Trump since the outbreak of riots in LA.
“And we all know, this Saturday, he’s ordering our American heroes – the United States military – forcing them to put on a vulgar display to celebrate his birthday, just as other failed dictators have done in the past,” he said.
Image: Among the critics is California Governor Gavin Newsom. Pic: AP
“This is his ego and making everything about ‘him’,” Senator Jack Reed, the top democrat on the Senate Armed Services Committee, has also said.
But other officials have pointed out plans for the Army’s 250th birthday began before Trump won the presidential election, and it is not officially an event to mark his birthday – the dates just happen to be the same.
How will it compare to military parades around the world?
One of the criticisms of the parade is that it is a show of military might more often seen in authoritarian countries, such as North Korea, Russia, Iran and China.
This is because tanks in the streets are symbolically associated with these regimes, where they are designed to inspire nationalism and fear, whilst also promoting obedience – they often take place under the watchful eye of their country’s leader.
Russia holds its annual Victory Day parade on 9 May to commemorate the country’s Soviet victory over Nazi Germany. In recent years, it has been used to protect military strength during the Ukraine war.
Image: Red Square during a military parade on Victory Day in 2025. Pic: Reuters
China holds a National Day parade on 1 October every ten years, or on key anniversaries, to celebrate the founding of the People’s Republic in 1949.
In Iran, an Army Day Parade takes place in April, a month after the country’s Revolution Day celebrations.
Image: North Korea’s 2023 military parade. Pic: AP
North Korea holds parades on key dates like Kim Il-sung’s birthday, or the ruling party’s foundation day. Taking place in the country’s capital of Pyongyang, the display will often feature new weapons, closely watched by leader Kim Jong-un.
But not every country that holds a military parade is necessarily authoritarian.
Image: Pic: MoD
The UK holds its annual Trooping of the Colour every summer to celebrate the birthday of the British Monarch.
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2:46
Israeli PM announces strikes on Iran
The two leaders had what was described as a heated 40-minute exchange by telephone last Monday.
Speaking just hours before the attack, Trump said he feared such action would destroy US hopes of agreement with Iran.
Time and time again, the US president has insisted that Iran cannot have a nuclear weapon.
But the Americans and Iranians have been engaged in negotiations for months as the US president sought a diplomatic solution. At one point, he even appeared to concede slightly on enrichment.
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15:11
‘They cannot have nuclear weapons’
But Israel claimed the weaponisation of enriched uranium posed “a clear and present danger to Israel’s very survival”.
Netanyahu values his relationship with Trump, but the timing of this action was on Israel’s terms.