Crypto mogul Sam Bankman-Fried has been sentenced to 25 years in prison for stealing $8 billion from customers of the now bankrupt cryptocurrency exchange FTX.

US Manhattan Court Judge Lewis Kaplan made the decision. Bankman-Fried's claim that FTX customers didn't actually lose money was dismissed by the court.

A jury convicted Bankman-Fried, 32, on November 2 last year of seven counts of fraud and conspiracy dating back to the 2022 collapse of FTX. Prosecutors have described the incident as one of the largest financial frauds in US history.

Judge Kaplan said Bankman-Fried has shown no remorse for these frauds.

Bankman-Fried, however, acknowledged during testimony that FTX's customers suffered greatly. He also apologized to the former colleagues of FTX. But he did not admit to any criminal act.

Bankman-Fried said he will appeal against the sentence.

The court ordered the forfeiture of $11 billion and allowed the government to compensate the victims from those assets.

Federal prosecutors had sought a sentence of 40 to 50 years for Bankman-Fried.

Fried's parents said in a statement that they will continue their legal battle for their son.

A graduate of the Massachusetts Institute of Technology, Bankman-Fried became wealthy by capitalizing on the rise in the value of bitcoin and other digital assets. Before turning 30, his net worth stood at $26 billion.

Bankman-Fried launched FTX in 2019. FTX filed for bankruptcy just three years after its establishment.