Key Points
- Sam Bankman-Fried, the former billionaire, so-called “crypto king,” is facing life in prison following a court meeting in New York.
- According to the latest reports, SBF is potentially facing life in prison.
UPDATE: New reports reveal the final decision is 25 years in jail for SBF.
Sam Bankman-Fried, the former crypto billionaire who has already been convicted of fraud and money laundering in 2023, has returned to court in New York today to be sentenced for his crimes.
According to the latest reports, he is now speaking at the sentencing:
SBF is currently speaking at his sentencing. You can follow the thread from here. https://t.co/qDy1NNYzFP
— The Wolf Of All Streets (@scottmelker) March 28, 2024
He reportedly said, according to the thread shared by Inner City Press, that he had made a lot of mistakes, customers were not paid back, FTX did not survive, and this caused a lot of damage.
BBC reported earlier that he is definitely going to jail, but the duration of the sentence is unknown at this point.
This has sparked a debate on the severity of his crimes and the appropriate punishment. While his legal team has requested a lenient sentence, the prosecutors are pushing for a 40 to 50-year imprisonment.
They argue that it is an appropriate sentence for someone who lied to investors and banks and embezzled billions in customer deposits from his now-defunct cryptocurrency exchange, FTX.
According to The Guardian, Sam Bankman-Fried is facing his ultimate disgrace. The judge, politicians, and the press worldwide will label him as one of the most significant fraudsters in American history.
According to Fox News, he may be facing over 100 years in jail, meaning a life sentence:
Sam Bankman-Fried is facing up to 110 years in prison pic.twitter.com/NtOGmwUiZi
— The Post Millennial (@TPostMillennial) March 28, 2024
The FTX and Sam Bankman-Fried saga
Sam Bankman-Fried (SBF) was a prominent figure in the cryptocurrency industry before his downfall in late 2022. Here’s a summary of the most important highlights about him.
Rise and Fall:
SBF founded FTX, a leading cryptocurrency exchange, which grew rapidly and was valued at $40 billion in early 2022.
He became known as a “crypto wunderkind” for his success and bullish stance on cryptocurrencies. SBF invested in other crypto firms and attempted to rescue failing ones, earning a reputation as a crypto savior.
Downfall and Legal Issues:
FTX faced insolvency issues in November 2022 due to potential fraud at Alameda Research, a crypto trading firm SBF co-founded. FTX filed for bankruptcy, and SBF resigned as CEO. He was arrested in December 2022 in the Bahamas and extradited to the US.
In November 2023, a jury found him guilty of multiple charges, including wire fraud, securities fraud, and money laundering.
He is currently awaiting sentencing, which will definitely involve significant prison time.
The Guardian also details the people who were involved in SBF’s moves:
“While battling Donald Trump in 2020, Joe Biden received about $5m from Bankman-Fried. He wasn’t alone. Mitt Romney, Cory Booker, Paul Ryan, Nancy Pelosi: they and so many other Democrats and Republicans accepted collectively tens of millions.”
The publication also mentions celebrities, sports stars, and more “high-rollers from the faintest qualm.”
According to Scott Melker, SBF is showing no remorse, and he claimed that there were always enough assets to pay back clients.
SBF is showing absolutely no remorse.
He just claimed there were always enough assets to pay back
clients.He’s burying himself further.
He may actually believe his own bullshit.
— The Wolf Of All Streets (@scottmelker) March 28, 2024
It remains to be seen exactly how many years SBF will get, but what is certain is that he will spend tens of years in jail.