Bankman-Freed, also known as the “Crypto King” who masterminded the biggest crypto meltdown in history, received his sentence in a Manhattan federal court from the U.S. District Judge Lewis Kaplan, who presided over Bankman-Freed’s trial last fall.

Before the verdict was announced, he expressed regret for his actions, admitting that he made several “bad decisions” as head of FTX, according to CNN.

Despite attempts by his lawyers to present him in a more positive light, even pointing out that he had trained fellow inmates while in prison, the judge was adamant about his decision. He noted that the defendant had perjured himself and manipulated witnesses. According to Judge Lewis Kaplan, the motive for the crimes committed was a strong desire for influence and power in the country by the crypto kingpin.

Bankman-Freed himself began his career in the financial world as an intern at Jane Street Capital and later co-founded Alameda Research and FTX.

According to Reuters, the Israel-based company will not only make the cuts but also close some of its offices in Asia. The reason for this is a scandal involving a fake letter of credit used as collateral in a deal with an insurer.

The offices the company is expected to close are in Tokyo, Hong Kong and Seoul, but it will retain employees in Tel Aviv, New York, London, Dubai and Bermuda.

“In order to solidify the foundation of the company and reassure the industry, leadership must return its focus to core services while reducing overall costs, including parting ways with some of our employees”, Vesttoo said in an emailed statement to Reuters.

Vesttoo is currently conducting an internal and external analysis of the events leading up to the first fraudulent credential report. The size of the fintech company was 200 employees.

“These are painful, but important decisions that we must make at this time. Our focus remains on regaining our footing and emerging from this challenge stronger than before”, the company continued.

The scandal surrounding the fraud has changed and halted the company’s plans to raise about $200 million in late-stage funding that would have valued the firm at nearly $2 billion.

The company’s decision to remove songs that are created by artificial intelligence comes after Spotify and other streaming services began receiving complaints of fraud and platform overload. According to the FT’s sources, music industry giant Universal Music Group has warned streaming service providers about “suspicious streaming activity” of Boomy tracks.

“Artificial streaming is a longstanding, industry-wide issue that Spotify is working to stamp out across our service.”

Spotify commented.

Representatives from Boomy were quick to comment, saying the platform is “categorically opposed” to any manipulation or artificial streaming of any kind.

“The recent explosive development of generative artificial intelligence, if unchecked, will increase the flow of unwanted content across platforms and create rights issues under existing copyright law.”

say the company.

Last month, UMG sent an email to streaming services, including Spotify, asking them to block AI services from accessing music catalogues for training purposes.

While music industry giants fight for control over AI, some artists, like Grimes, are taking the side of the innovative technology. It has allowed creators to use its voice in attempts to create AI music, but on the condition that certain rules are followed and royalties are split.