The sentencing of cryptocurrency wunderkind turned convicted fraudster Sam Bankman-Fried to 25 years in prison — along with the forfeiture of more than $11 billion — looks like a fair outcome.
While not as harsh as the request from prosecutors for as much as 50 years, it should stand as a clear deterrent for aspiring fraudsters both in traditional finance and its decentralized offshoots. And given the cryptocurrency industry is still in the midst of a much-needed cleanup, that matters.
To recap, the 32-year-old Bankman-Fried was convicted of fraud, conspiracy and several other offenses last year after the spectacular collapse of his crypto exchange FTX revealed an $8 billion hole of missing customer funds under his watch.