Sam Bankman-Fried, the founder and former CEO of the cryptocurrency exchange FTX, has been convicted of fraud and conspiracy. The court has ordered him to hand over $700 million worth of assets, and he will have to pay back the remaining $10.3 billion after his release from prison.
Highest fine in US history
The amount of the fine imposed on Bankman-Fried is unprecedented in history. It is an astronomical sum and it is unlikely that he will be able to pay it in full.
Politicians will face pressure to return money
Bankman-Fried was also known as one of the biggest donors to the Democratic Party in the US. In 2022, he donated $36 million to support Democratic candidates. This gave him considerable political influence and allowed him to lobby for favorable conditions for cryptocurrencies and financial markets.
His conviction could also have a significant impact on American politics. It is possible that Democrats will face pressure to return the money they received from Bankman-Fried, and that cryptocurrencies will become subject to stricter regulation.
Foto: Youtube
