In an unexpected outcome, Sam Bankman-Fried, the creator of the closed cryptocurrency platform FTX, was ordered to serve a 25-year sentence after being found guilty of deceiving customers.
During a hearing held at the federal courthouse in Lower Manhattan on March 28, US District Judge Lewis Kaplan delivered his ruling.
Bankman-Fried, who previously expressed his intent to challenge the verdict, has formally submitted a protest against the ruling.
‘Remorse And Empathy’ For FTX Customers
At the sentencing proceedings, U.S. District Judge Lewis Kaplan made severe claims against Bankman-Fried, charging him with perjury and being uncooperative during his courtroom testimony. The judge appeared displeased by Bankman-Fried’s failure to express remorse for his wrongdoings.
After being confronted, Bankman-Fried apologized and sympathized with the “multitude” of clients who experienced monetary setbacks. He acknowledged his role as FTX’s leader and vowed to make things right again.
Bankman-Fried lamented over the loss of his accomplishments and felt powerless to make things better while in prison. He understood the restrictions that prevented him from taking further action.
Sam Bankman-Fried Alleges Trial Unfairness
After his criminal trial conclusion, Bankman-Fried raised doubts about the trial’s impartiality during a follow-up conversation. Particularly, he criticized Sullivan & Cromwell, the legal team representing FTX’s latest proprietors.
FTX’s disgraced co-founder alleged that the law firm collaborated with the prosecution and hindered his access to essential FTX documents handed over to the prosecutors. According to Bankman-Fried, this interference negatively impacted the trial’s outcome, influencing media portrayal and limiting his defense team’s opportunity to present favorable evidence.
After submitting an official plea, Bankman-Fried is aiming for a more favorable verdict. He underscores the significance of introducing vital evidence and calling essential witnesses in court, arguing that his defense team was unable to do so during the trial.
At the moment, Bankman-Fried is detained at the Metropolitan Detention Center in Brooklyn. He has strongly expressed his preference to stay in this jail while waiting for a decision on his appeal.
In the developing story of this prominent figure in the crypto world, both the mogul’s efforts to achieve a different result and the destructive consequences of FTX’s failure have kept the public intrigued.
The US government’s future actions in response to this appeal, along with any subsequent lawsuits or court documents filed by Bankman- Fried’s legal team, are still uncertain.
Currently, the native exchange token FTT is priced at $1.60. Remarkably, this token has seen a significant 4% rise in value over the past day, setting it apart from the general trend of stagnant or decreasing prices observed among other cryptocurrencies in the market.
Nevertheless, the token has experienced a 32% drop in value over the last month, significantly reducing its year-to-date growth of 25%.
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2024-04-12 05:46