FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing billions of dollars of his customers’ funds.

Bankman-Fried’s sentencing hearing was held yesterday in New York. During the court hearing, which lasted about two hours, Bankman-Fried said, “I’m sorry for what happened,” and said that both he and FTX were victims of the market crises in 2022. Judge Lewis Kaplan, on the other hand, stated that he did not believe in the sincerity of Bankman-Fried, who expressed regret.

Reminding that the Parole Bureau recommended 105 years and the government recommended a sentence of 40 to 50 years, the judge said that this would be more than necessary and announced a 25-year prison sentence. He also ordered more than $11 billion in damages.

In 2022, the sharp declines in the cryptocurrency industry triggered a wave of bankruptcies. Companies that lent money to FTX demanded their repayment. FTX also used customer funds for these repayments. Later, the stock exchange, which could not meet the withdrawals of its customers, raised the flag of bankruptcy in November 2022.

If Sam Bankman-Fried serves the full 25-year sentence, he will be 57 years old when he gets out of prison.