The most dangerous “fraudster” in the history of the cryptocurrency market may spend the rest of his life in prison

Sam Bankman Fried, the former CEO of the cryptocurrency exchange FTX, may spend the rest of his life in prison, as he was convicted of seven counts of fraud and conspiracy, in addition to his role in the collapse of the exchange of the second largest digital currency exchange platform in the world, “FTX.”

Bankman-Fried is scheduled to be sentenced on March 28 after prosecutors demanded a harsh sentence of between 40 and 50 years after he was convicted of stealing $8 billion from clients of his now bankrupt company.

“His life in recent years has been one of unparalleled greed and arrogance,” federal prosecutors in Manhattan wrote of Fried. “Flirting, risking and repeatedly gambling with other people’s money, and even now Bankman-Fried refuses to admit that what he did was wrong.”

A jury convicted Bankman-Fried, 32, in November, and Bankman-Fried could potentially face up to 110 years in prison for his crimes, a sentence his lawyers said last month would be “hideous.”

The rise and fall of Bankman Fried marked one of the largest financial fraud cases in modern history.

During his highly publicized trial last year, prosecutors presented him as a feckless billionaire trying to cover up his financial failures while draining money from investors to enrich himself.

Prosecutors said Bankman Fried also used client funds to buy luxury real estate in the Bahamas and donate to US politicians who might support cryptocurrency-friendly regulations.

So far, 251 US political candidates and political committees have returned to the government about $3.3 million in contributions from Bankman-Fried and other FTX executives, prosecutors said. Democratic President Joe Biden’s campaign and the Republican National Committee were among those that returned the money.

Bankman-Fried testified that he did not realize how much Alameda owed FTX until shortly before both failed. His trial took one month.

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