A judge sentenced former FTX CEO Sam Bankman-Fried to 25 years in prison on Thursday in connection to his role in the collapse of the digital currency trading platform.
He also faces three years probation, CNBC reported.
Bankman-Fried, who was immediately taken back into custody after the senetnce was pronounced, was found guilty of embezzling billions from FTX customers and could face more than 100 years behind bars.
Prosecutors had asked for a 40-50 year sentence.
They said the sentence would be "sufficiently severe to provide justice" and dissuade other people from committing similar crimes.
The defense countered with a request for five to six years in prison.
The judge says he said 25 years would act as a deterrent to keep others from doing something similar.
He said that Bankman-Fried lying on the stand during the trial factored into his sentence.
The former crypto mogul's parents were in the courtroom during the sentencing. They didn't answer any reporter questions as they left the courthouse.
U.S. Attorney Damian Williams of the Southern District of New York issued a lengthy statement after the sentencing.
It said, in part: "His deliberate and ongoing lies demonstrated a brazen disregard for customers' expections and disrespect for rule of law so that he could secretly use his customers' money to expand his own power and influence."
On November 2, 2023, a federal jury found Sam Bankman-Fried guilty of defrauding customers on his cryptocurrency exchange, convicting him on two counts of fraud and five counts of conspiracy.
The verdict came after just four hours of deliberation.
