Sam Bankman-Fried, the co-founder of the defunct cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm.

The verdict solidifies the downfall of the former billionaire, who had risen to prominence as a prominent advocate for cryptocurrency before his company’s dramatic collapse in 2022.

He was found guilty of embezzling billions from customers prior to the company’s demise.

Bankman-Fried’s legal team intends to appeal against his conviction.

A statement from his parents, conveyed to the BBC by a spokesperson for Bankman-Fried, expressed their profound sadness and affirmed their commitment to advocating for their son’s case.

In court, the 32-year-old expressed remorse, acknowledging that many individuals felt profoundly disappointed by his actions.

“I understand that many people feel deeply let down. I deeply regret that. I apologize for the events that unfolded at every juncture,” he stated, speaking calmly and audibly prior to his sentencing.

FTX, once among the world’s largest cryptocurrency exchanges, propelled Bankman-Fried into the spotlight as a prominent figure in the business world. The platform attracted millions of users who engaged in buying and trading cryptocurrencies.

The company’s downfall ensued amidst rumors of financial instability in 2022, triggering a rush of withdrawals that ultimately led to its collapse and brought to light Bankman-Fried’s illicit activities.

Last year, following a trial that meticulously outlined his actions, a New York jury found him guilty on charges including wire fraud and conspiracy to commit money laundering. Evidence presented during the trial revealed that he had misappropriated over $8 billion from customers, diverting the funds to purchase real estate, make political contributions, and pursue other investments.

Before delivering the sentence on Thursday, Judge Lewis Kaplan delivered a scathing evaluation of Bankman-Fried’s conduct. He criticized the defendant for providing false testimony during the trial, asserting that Bankman-Fried had lied when he claimed to have been unaware until the eleventh hour that his companies were diverting funds entrusted by customers for purposes other than safekeeping.

“He was aware that his actions were morally and legally wrong. He regrets his poor judgment in underestimating the possibility of facing consequences, but he refuses to acknowledge his wrongdoing,” remarked the judge.

The judge further noted that while Bankman-Fried had expressed regret for the losses incurred by customers, he had failed to demonstrate any remorse for committing egregious crimes.

Despite the severity of the 25-year prison term, it falls significantly short of the potential sentence exceeding 100 years as stipulated by official government guidelines.