Former billionaire crypto mogul Sam Bankman-Fried, convicted of fraud and money laundering, faces sentencing today.

The 32-year-old was found guilty last November of illegally diverting funds from FTX depositors for personal use, including buying luxury properties in the Caribbean, alleged bribes to Chinese officials, and private planes. He will appear in a New York court tomorrow, with prosecutors recommending a 40 to 50-year prison term.

They described his actions as victimizing tens of thousands of people globally over several years, including theft from customers, lying to investors, and illegal political donations. Bankman-Fried's defense argues for leniency, citing his low risk of reoffending and the claimed recovery of FTX investors' funds, disputed by bankruptcy lawyers, FTX, and its creditors.

His lawyer criticized a probation office's suggestion of a 100-year sentence as "grotesque" and "barbaric," instead proposing a term of five to six and a half years, emphasizing Bankman-Fried's non-violent, first-time offender status. FTX's 2022 collapse marked a dramatic downfall for Bankman-Fried, once a billionaire and business icon in the crypto world.