In a significant ruling with implications for both the cryptocurrency and NFT industries, Sam Bankman-Fried, former head of the now-defunct FTX exchange and NFT marketplace, has been sentenced to 25 years in prison. Judge Lewis A. Kaplan in Manhattan delivered the verdict earlier today, citing Bankman-Fried for fraud and conspiracy, among a host of other financial-related charges.

Despite prosecution’s recommendation for a 40 to 50-year imprisonment and a federal probation officer’s proposal of a staggering 100-year term, the defense pushed for a considerably shorter sentence of under seven years. Ultimately, a 25-year term was handed down. Bankman-Fried expressed regret to FTX customers, investors, and employees, acknowledging their profound disappointment and the impact of his decisions.

The downfall of FTX, once valued at over $30 billion, occurred in November 2022, resulting in the loss of $8 billion in client assets and triggering numerous legal battles. Bankman-Fried was subsequently found guilty on charges of fraud and money laundering, culminating in a landmark sentence for financial misconduct.

During court proceedings, Bankman-Fried, accompanied by his parents and prestigious collections, witnessed the collapse of his once-celebrated philanthropic image due to breached trust and financial mismanagement. Despite his charitable endeavors and autism diagnosis, these factors failed to mitigate the repercussions of his actions, including attempts to influence witnesses.

Victim testimonies underscored the widespread devastation caused by Bankman-Fried’s actions, with Judge Kaplan dismissing arguments suggesting that bankruptcy could ameliorate the situation. Now faced with the grim reality of a lengthy prison term and diminished influence in the blockchain community, Bankman-Fried reportedly plans to appeal his sentence.