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SBF live updates: FTX founder sentenced to 25 years in prison for massive crypto fraud Following his conviction in November, FTX founder Sam Bankman-Fried has officially been sentenced to 25 years in prison Thursday. The former cryptocurrency wunderkind was found guilty of seven counts of fraud for the downfall of the digital asset exchange he founded. At one point, both Bankman-Fried and FTX were pillars of the cryptocurrency industry. However, today’s news marks the final ruling of his downfall that first began with his arrest in the Bahamas in December of 2022. The sentencing hearing was held in Manhattan, with Judge Lewis Kaplan continuing to preside over the case. Bankman-Fried Sentenced to 25 Years in Prison The collapse of FTX will likely remain one of the biggest controversies in the history of the digital asset sector. Moreover, the criminal activity of the company represented some of the largest financial crimes in the history of the United States. Subseuqnlety, the firm’s CEO and founder has rightly become the face of those illegal acts. Now, more than 450 days after being apprehended, FTX founder Sam Bankman-Fried has been sentenced to 20 years in prison. The hearing took place today under the same judge who presided over Bankman-Fried’s criminal case. The outcome had been the subject of debate between both sides leading up to the hearing. The prosecution had requested Bankman-Fried serve between 40 and 50 years in Prison. Alternatively, SBF’s legal council requested a prison sentence for the 32-year-old former executive that ranged between 64 and 78 months. As you can see, the latter has one out following Kaplan’s decision today, with a sentence term shorter than many assumed. Bankman-Fried was convicted by a jury on seven counts of fraud in 2023. Specifically, those charges include his thievery of customer assets when running the cryptocurrency exchange, and his deceit with the firm’s investors and creditors. Altogether, Bankman-Fried was responsible for around $8 billion in customer assets being stolen. #SBFVerdict #SBFFTX $FTT

SBF live updates: FTX founder sentenced to 25 years in prison for massive crypto fraud

Following his conviction in November, FTX founder Sam Bankman-Fried has officially been sentenced to 25 years in prison Thursday. The former cryptocurrency wunderkind was found guilty of seven counts of fraud for the downfall of the digital asset exchange he founded.

At one point, both Bankman-Fried and FTX were pillars of the cryptocurrency industry. However, today’s news marks the final ruling of his downfall that first began with his arrest in the Bahamas in December of 2022. The sentencing hearing was held in Manhattan, with Judge Lewis Kaplan continuing to preside over the case.

Bankman-Fried Sentenced to 25 Years in Prison

The collapse of FTX will likely remain one of the biggest controversies in the history of the digital asset sector. Moreover, the criminal activity of the company represented some of the largest financial crimes in the history of the United States. Subseuqnlety, the firm’s CEO and founder has rightly become the face of those illegal acts.

Now, more than 450 days after being apprehended, FTX founder Sam Bankman-Fried has been sentenced to 20 years in prison. The hearing took place today under the same judge who presided over Bankman-Fried’s criminal case. The outcome had been the subject of debate between both sides leading up to the hearing.

The prosecution had requested Bankman-Fried serve between 40 and 50 years in Prison. Alternatively, SBF’s legal council requested a prison sentence for the 32-year-old former executive that ranged between 64 and 78 months. As you can see, the latter has one out following Kaplan’s decision today, with a sentence term shorter than many assumed.

Bankman-Fried was convicted by a jury on seven counts of fraud in 2023. Specifically, those charges include his thievery of customer assets when running the cryptocurrency exchange, and his deceit with the firm’s investors and creditors. Altogether, Bankman-Fried was responsible for around $8 billion in customer assets being stolen.

#SBFVerdict #SBFFTX $FTT

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Terraform Labs to dissolve, CEO asks community to take over following $4.47 billion SEC settlement Chris Amani, CEO of Terraform Labs, the developer of Terra blockchain, asked the community to take the reins as the firm plans to dissolve its operations. The firm, according to Amani, plans to sell its projects in the Terra ecosystem including Pulsar Finance, Station Wallet and Enterprise DAO. This follows Terraform's massive $4.47 billion settlement with the U.S. Securities and Exchange Commission related to the UST algorithmic stablecoin, which dramatically collapsed in 2022. "TFL always intended to dissolve at some point, and that point is now,” Amani stated on X, signaling the end for Terraform Labs. “We will be winding down operations completely.” Amani stated the firm plans for a community proposal that would lead to the burning of all unvested Luna, Terraform’s native token. “Anything that remains vested in our wallets will be burned by TFL,” he affirmed, committing to a decisive end for the company’s direct involvement with the token. He stated that Terra and Terra Classic blockchains could continue under the community’s control. “The community will need to take over ownership of the chain,” Amani stated, suggesting a community-led governance model that could redefine how blockchain projects operate post-crisis. The SEC initially charged Terraform and its co-founder, Do Kwon, in February 2023, accusing them of misleading investors and violating federal securities laws by engaging in fraudulent activities related to the sale of unregistered securities. Terraform’s proposed settlement revealed on Wednesday with SEC includes $3.58 billion in disgorgement and a $420 million civil penalty. It also prohibits Kwon from serving as an officer or director of any public company. Additionally, Do Kwon is required to contribute about $204 million to a bankruptcy estate for Terraform aimed at compensating the investors harmed by the scheme. Amani, Terraform's former COO, took over from Kwon in July 2023. TFL filed Chapter 11 bankruptcy in Jan
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SEC reaches $4.47 bln settlement with now-bankrupt crypto firm Terraform Labs Terraform Labs reached a $4.47 billion civil settlement with the U.S. Securities and Exchange Commission, after being found liable by a jury for defrauding cryptocurrency investors who lost an estimated $40 billion when the TerraUSD and Luna tokens collapsed in 2022. A proposed final judgment covering Terraform and its founder Do Kwon was filed on Wednesday in Manhattan federal court. It requires approval by U.S. District Judge Jed Rakoff, who oversaw the trial, which ended on April 5. Terraform's judgment includes $4.05 billion of disgorgement plus interest, and a $420 million civil fine. Much is unlikely to be paid because Terraform filed for bankruptcy in January. It will instead be treated as an unsecured claim in the Chapter 11 case, where Terraform is liquidating. The total judgment is $4.55 billion, including an $80 million civil fine for Kwon. He agreed to be banned from crypto transactions, and is required to transfer $204.3 million to Terraform's bankruptcy estate. "Entry of this judgment would ensure the maximal return of funds to harmed investors and put Terraform out of business for good," the SEC said in a court filing. "Thus, this proposed judgment is fair, reasonable, and in the public interest." Terraform and Kwon consented to the judgment. Their lawyers did not immediately respond to requests for comment. The SEC accused Terraform and Kwon of deceiving investors about the stability of TerraUSD, which he designed to maintain a constant $1 price, and falsely claiming that Terraform's blockchain was used in a popular Korean mobile payment app. TerraUSD and the closely-linked Luna, a more traditional token that Kwon also designed, collapsed in May 2022 when TerraUSD was unable to maintain its peg to the dollar. Kwon did not attend the trial after having been detained in Montenegro since March 2023, with the United States and South Korea seeking his extradition to face criminal charges. He has denied wrongdoing. #LUNC✅ $LUNC $LUNA #altcoins
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Reinforcing the article below, “ $LUNC Agreement with the SEC Could Drive Cryptocurrency Price to $1.00” it is also important to highlight that @Binance has been since October 2022 monthly Burning LUNC trading fees: “Binance will be making changes to the burning of LUNC trading fees, to continue to contribute to the supply decrease of LUNC and be in line with what the community originally looked forward to. From December 2022, Binance will be burning 50% of the LUNC spot and margin trading fees…” ON June 1st #Binance   burn 1.3 Billion #LUNC from May trading fees Transaction hash: https://finder.terra.money/classic/tx/37EED2FDAA6B7E4CFC2D6A98DAB89FCBE5CA63F6ABAA86A5058A25D1502590AB LUNC Agreement with the SEC Could Drive Cryptocurrency Price to 1.00 $LUNC $LUNA #LUNC✅ @CZ @Richard Teng
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$LUNC Agreement with the SEC Could Drive Cryptocurrency Price to $1.00
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