The court ordered the crypto investor to pay an 11 billion dollar fine, part of which the government will use to compensate the victims, The Washington Post reports. The court stated that the accused "could not accept responsibility for the disaster he created."

"Mr. Bankman-Fried says mistakes were made ... but has not expressed a single word of remorse for committing the heinous crimes," said federal judge Lewis Kaplan, who handed down the sentence.

Founded in 2019, the FTX exchange was valued at $32 billion by November 2022. The company's value dropped to zero days after the publication of a journalistic investigation, which said that the assets of Bankman-Fried's second major business mainly consist of cryptocurrency issued by his own exchange.

According to the jury's verdict, the businessman moved the deposits of FTX customers in the form of loans to his investment fund Alameda Research, which used the funds to pay his creditors and issued loans to the businessman himself, who used them for stock market speculation. He himself stated at the court that he did not know that he was committing illegal acts.