The recent news on the former CEO of FTX, Sam Bankman-Fried.

On Thursday, March 28th, 2024, he was sentenced to 25 years in prison for his role in the collapse of FTX, a once-giant cryptocurrency exchange.

Here's a summary of the situation:

Charges: Bankman-Fried was convicted of fraud and conspiracy charges related to the collapse of FTX in November 2022. He was accused of using customer deposits to cover losses at his hedge fund, Alameda Research.

Sentence: A federal judge sentenced him to 25 years behind bars, along with forfeiture of over $11 billion. This money could potentially be used to compensate FTX customers who lost funds in the collapse.

Apology: News reports indicate Bankman-Fried apologized to his former colleagues at FTX for the harm his actions caused.

Do Kwon's Absence: It's important to note that this news is separate from the legal battle involving Terraform Labs and Do Kwon (though both involve cryptocurrency fraud allegations).