"It took a long time to wait for the decision, and ended up in prison.
Sam Bankman-Fried (SBF), the founder of FTX was eventually sentenced to 25 years in prison on multiple charges including fraud and money laundering linked to the collapse of his cryptocurrency exchange.
The sentencing took place in Manhattan federal court under the supervision of Judge Lewis A. Kaplan, where the verdict shed light on the chaotic events that triggered FTX's drastic fall.
Through observation, the factors that led to his insolvency were characterized by the disclosure of mismanagement and alleged misappropriation of customer money which, according to the prosecutor, was directed by SBF.
But during the trial, former employees and FTX executives who provided witness accounts described a firm where risky practices were all too common and oversight was lacking.
Even so, SBF before being sentenced had conveyed an apology to customers, investors and employees affected by the destruction of FTX and it should be known that the sentence was based on the ongoing need of the court to arrest irresponsible people.
Besides raising questions about the need for tighter regulatory control over the crypto industry, reaction to the SBF sentence has been mixed with some seeing it as a move to bring justice to the victims of the FTX collapse.
The ongoing bankruptcy case follows attempts to recover lost funds and return them to creditors and customers, plus the situation has sparked a more comprehensive review of crypto exchanges and the regulatory framework that governs them.
