FTX Founder Sam Bankman-Fried Breaks Silence, Announces Appeal For 25-Year Conviction

In a chat with ABC News, Sam Bankman-Fried (SBF), the ex-CEO and co-founder of the failed crypto exchange FTX, shared his regret and outlined his intentions for appealing after being handed a 25-year jail term for fraud in a recent trial.

FTX Co-Founder Admits Errors

At the Metropolitan Detention Center in Brooklyn, where he’s currently being held, Bankman-Fried looked back on the recent turn of events for FTX and acknowledged his share of responsibility. He confessed to making some less-than-ideal choices in 2022 that ultimately resulted in FTX’s financial instability.

Bankman-Fried admitted that despite his assertion that he hadn’t seen anything wrong with his behavior, it didn’t meet the moral code he personally held.

At the hearing for sentencing, U.S. District Judge Lewis Kaplan reproached Bankman-Fried for lying under oath and avoiding direct answers during his trial testimony. Bankman-Fried then asserted his sincere regret for the harm caused to the countless victims who experienced financial losses. He declared:

Every day, I’m plagued by the memory of what was once ours. I never meant to cause harm or steal anyone’s hard-earned money. As the CEO of FTX, however, the blame falls on me. Regrettably, intent doesn’t shield one from responsibility. I yearn to make amends for even a fraction of the destruction. From my prison cell, I strive to contribute, but it’s a disheartening limitation not to be able to do more.

Bankman-Fried acknowledged the ripple effects of FTX’s downfall, affecting not only his dedicated team members who put their lives into the company, but also the charities that relied on his financial support.

The disgraced crypto entrepreneur deeply regretted squandering what they had worked tirelessly for and expressed a wish to make amends for some of the harm inflicted. However, from behind bars, Bankman-Fried acknowledged feeling discouraged by the restrictions that hindered his ability to fully address the situation.

In his court declaration, Bankman-Fried argued that if he or another FTX representative had stayed in the CEO role, customers would have received their refunds by this point. He explained that the reason for the delay was the company’s choice not to reopen the FTX exchange, a decision he thought could bring significant benefits in the future.

Sam Bankman-Fried Claims ‘Unfair’ Trial, Plans Appeal

At the interview, Bankman- Fried voiced doubts over the impartiality of his trial and pointedly criticized Sullivan & Cromwell, the lawyers representing FTX’s latest proprietors.

SBF allegedly claimed that they conspired with the prosecution, obstructing his access to crucial FTX documents handed over to the prosecution. According to Bankman-Fried, this impediment negatively influenced the entire court proceedings, affecting media portrayal and limiting his defense team’s opportunity to present favorable evidence.

In response to Bankman-Fried’s statements, a representative from Sullivan & Cromwell brought up Judge Kaplan’s comments during sentencing. They pointed out Bankman-Fried’s act of lying under oath and his attempt to shift blame towards lawyers and the bankruptcy proceedings, rather than acknowledging his own wrongdoing.

Moving forward, Bankman-Fried announced his intention to challenge the court verdict later in the year, mainly due to testimony at the trial that he believed distorted the true sequence of events. He stressed the significance of introducing key evidence and calling essential witnesses, which his legal team was reportedly prohibited from doing during the trial proceedings.

With the start of his prison sentence, Bankman-Fried concedes the seriousness of the predicament that has led him to lose it all. Yet, he harbors a hope to contribute positively to society in the future. Despite the restrictions imposed by his present situation, he intends to pursue justice through appeals.

FTX Founder Sam Bankman-Fried Breaks Silence, Announces Appeal For 25-Year Conviction

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2024-04-02 06:07