Crypto kingpin Sam Bankman-Fried jailed for 25 years over historic $10bn FTX fraud as he admits ‘my useful life is over’

CRYPTO tycoon Sam Bankman-Fried has been sentenced to 25 years in prison for one of the biggest financial frauds in history.

The FTX founder, 32, dubbed Crypto King was convicted in November of fraud and conspiracy in a dramatic downfall.

AP

FTX founder Sam Bankman-Fried was sentenced to 25 years in prison[/caption]

A jury in New York found him guilty of lying to investors, and lenders and of seven counts of fraud and money laundering.

And now District Judge Lewis A. Kaplan imposed a 25 yer sentence on the former entrepreneur saying that there is a risk that this man will be in a position to do something very bad in the future.

Before sentencing, Bankman-Fried had admitted: “My useful life is probably over.

“It is been over for a while now, from before my arrest.”

FTX gradually became the world’s second-largest digital coin exchange and was promoted by celebrities including supermodel Gisele, her ex-husband Tom Brady and tennis star Naomi Osaka.

But the £26billion company imploded last November and was accused of swindling more than a million customers out of £8billion.

More to follow… For the latest news on this story keep checking back at The Sun Online.

Thesun.co.uk is your go-to destination for the best celebrity news, real-life stories, jaw-dropping pictures and must-see video.

Like us on Facebook at www.facebook.com/thesun and follow us from our main Twitter account at @TheSun.