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How did Bankman-fried's bankruptcy affect cryptocurrencies?

Bankman-Fried’s crypto trading firm’s bankruptcy unleashed a financial contagion in the cryptocurrency world. Immediately following FTX’s crash, crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss, froze customer redemptions in its lending unit, citing market turmoil. Its lending unit later filed for bankruptcy.

Who is Sam Bankman-fried?

(AP Video: David R. Martin, Ted Shaffrey) NEW YORK (AP) — Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud on hundreds of thousands of customers that unraveled with the collapse of FTX, once one of the world’s most popular platforms for exchanging digital currency.

Did Bankman-fried steal billions from customers before he collapsed?

The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022. He was found to have stolen billions from customers ahead of the failure. Bankman-Fried's legal team will appeal against his conviction.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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