Sam Bankman Fried, founder of the FTX crypto exchange, was sentenced to 25 years in prison. Bankman-Fried was convicted last November of all seven criminal counts he was accused of, including fraud and money laundering.
The FTX exchange collapsed at the beginning of November 2022 after the publication of a report by the CoinDesk exchange. The collapse of the stock exchange, which was then the second largest in the world, shocked the market. Crypto stocks lost two-thirds of their value, while the total crypto market cap plunged below $1 trillion.