Reuters reported that Sam Bankman-Fried received a 25-year prison sentence from a judge on Thursday for embezzling $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, marking the final chapter in his dramatic downfall.

U.S. District Judge Lewis Kaplan handed down the sentence in a Manhattan court hearing after rejecting Bankman-Fried's claim that FTX customers hadn't actually lost money and finding that he lied during his trial testimony. A jury found Bankman-Fried, 32, guilty on Nov. 2 on seven fraud and conspiracy counts related to FTX's 2022 collapse, which prosecutors have labeled one of the largest financial frauds in U.S. history.

Kaplan noted Bankman-Fried's lack of remorse, stating, "He knew it was wrong. He knew it was criminal." Bankman-Fried, donning a beige short-sleeve jail T-shirt, expressed regret for the suffering of FTX customers but didn't admit criminal wrongdoing. He has vowed to appeal his conviction and sentence.

The sentencing represents the peak of Bankman-Fried's fall from a wealthy entrepreneur and major political donor to a prominent figure in the U.S. crackdown on cryptocurrency market misconduct. U.S. Attorney General Merrick Garland emphasized the seriousness of defrauding customers and investors, warning those who believe they can evade financial crimes.

Kaplan found that FTX customers lost $8 billion, FTX's equity investors lost $1.7 billion, and lenders to Bankman-Fried's Alameda Research hedge fund lost $1.3 billion. He imposed an $11 billion forfeiture order and authorized the government to repay victims with seized assets.

Federal prosecutors had sought a sentence of 40 to 50 years, while Bankman-Fried's defense argued for less than 5-1/4 years. Bankman-Fried's parents, Stanford University law professors Joseph Bankman and Barbara Fried, expressed their devastation over their son's situation and vowed to continue supporting him.

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Reuters