FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Sam Bankman-Fried, founder of the cryptocurrency exchange firm FTX, was sentenced to 25 years in prison.

For Context: In November 2022, FTX, once valued at $32 billion, filed for bankruptcy after freezing customer withdrawals following reports that it spent customer funds on risky investments. In November 2023, Bankman-Fried was found guilty on two counts of wire fraud and five counts of conspiracy.

Details: Federal prosecutors recommended Bankman-Fried receive a 40 to 50-year sentence, while Bankman-Fried’s legal team recommended 63 to 78 months.

Key Quotes: Speaking at the sentencing, Bankman-Fried stated, “A lot of people feel really let down, and they were very let down, and I am sorry about that. I am sorry about what happened at every stage. And there are things I should’ve done and things I shouldn’t have.”

How the Media Covered It: Outlets across the spectrum reported on the sentencing, but differed in their characterizations of Bankman-Fried’s political donation history. The New York Times (Lean Left bias) noted Bankman-Fried’s political donations, but did not indicate which party he donated to. The Hill (Center bias) identified him as a Democratic mega donor but added that he “also made ‘dark’ contributions to Republicans.” The Daily Wire (Right bias) detailed his specific donations and identified him as the “second-largest donor to the 2020 Biden presidential campaign” who was “granted four meetings at the White House with senior advisers in the months before his companies filed for bankruptcy.”