Sam Bankman-Fried, the former cryptocurrency mogul behind the bankrupt FTX exchange, has been sentenced to 25 years in prison by U.S. District Judge Lewis Kaplan. The sentence follows Bankman-Fried's conviction on charges of fraud and conspiracy linked to FTX's collapse and an $8 billion theft from customers. Kaplan criticized Bankman-Fried for his lack of remorse and dishonest trial testimony, stating he regrets only getting caught rather than his actions. Bankman-Fried, who wore a jail T-shirt during his sentencing, apologized to FTX customers and colleagues but did not admit to criminal wrongdoing. He plans to appeal both his conviction and sentence.

Kaplan also ordered an $11 billion forfeiture and authorized the government to repay victims with seized assets. Despite defense arguments for a lenient sentence, highlighting Bankman-Fried as an "awkward math nerd" rather than a financial predator, Kaplan emphasized the severe impact of his crimes, including significant losses for FTX customers and investors. Bankman-Fried's downfall from a once-celebrated billionaire to a central figure in a U.S. crackdown on cryptocurrency market malfeasance marks a significant turn in his career and the crypto industry's legal landscape.