Sam Bankman-Fried has been convicted of fraud and sentenced to 25 years in prison

The former crypto billionaire’s punishment of 25 years in prison could have huge implications for the industry.

Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, has been found guilty of seven counts, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering.

Bankman-Fried founded FTX because he was frustrated with other exchanges used by his crypto trading firm Alameda Research, according to a profile from FTX investors Sequoia Capital. But FTX was a fraud “from the start,” the Securities and Exchange Commission wrote, as SBF and other executives misused customer funds to make billions of dollars of investments, buy $200 million of real estate, and repay Alameda’s lenders while representing the business as a safe place to invest.

On March 28th, he returned to the courtroom for sentencing, where Judge Lewis Kaplan sentenced Bankman-Fried to 25 years in prison.

The scheme started to fall apart rapidly after CoinDesk published a blockbuster article about Alameda’s balance sheet. It showed that FTX and Alameda were very closely linked and that a lot of the balance sheet consisted of the FTT token, which was issued by FTX. That article led to Binance CEO Changpeng “CZ” Zhao — a former investor in FTX — saying he would sell his holdings of FTT. FTX’s bankruptcy and Bankman-Fried’s resignation from the company followed.

One year to the day after CoinDesk reported on the balance sheet, a New York jury returned a guilty verdict against Bankman-Fried on all of the charges he faced.

You can follow along below for all the latest updates and regular updates from the trial and sentencing.