Prosecutors seek from 40 to 50 years in prison for Sam Bankman-Fried for cryptocurrency fraud

Federal prosecutors are asking a New York judge to sentence FTX founder Sam Bankman-Fried to between 40 and 50 years in prison for cryptocurrency crimes they described as a “historic fraud.” Prosecutors submitted their presentence recommendations on Friday to a federal judge who will sentence him later this month. Bankman-Fried was convicted in November of fraud and conspiracy charges in Manhattan federal court. Prosecutors say he cost customers and investors in FTX and its related companies at least $10 billion from 2017 through 2022. He was extradited to the United States in December 2022 from the Bahamas after his companies collapsed a month earlier.