Breaking News: Sam Bankman-Fried Receives 25-Year Sentence for FTX Bankruptcy
After nearly two years since the FTX cryptocurrency exchange filed for Chapter 11 bankruptcy protection in the United States, the world is finally about to witness the consequences that former CEO Sam Bankman-Fried will face. Today, on Thursday, March 28, during the mid-morning New York session, Judge Lewis Kaplan received a total of 1,500 documents related to the case, with the defense submitting 450 of them.
During his testimony, SBF expressed remorse for the suffering inflicted upon the FTX victims, acknowledging the financial stress and emotional pain caused. However, SBF maintained that the FTX customers could have been reimbursed, as there were sufficient assets available.
“I am aware that many people feel deeply disappointed. They all contributed to building something truly remarkable, and then I squandered it all. It haunts me every single day,” SBF told Judge Kaplan today.
Judge Kaplan’s Assessment of the Case
As the presiding judge deliberated on the fact that SBF led to the downfall of the former second-largest cryptocurrency exchange, valued at approximately $35 billion at the time of its collapse, tension continued to mount on both sides – the defense and the prosecutors. According to Judge Kaplan, SBF and his attorneys had previously provided false statements under oath, even after losing $8 billion of customers’ funds.
“The defendant’s claim that FTX customers and creditors will be fully compensated is deceptive, illogical, and speculative. A thief who takes his stolen loot to Las Vegas and successfully gambles with the ill-gotten gains is not entitled to a reduced sentence by using his winnings to repay what he stole,” Kaplan remarked.
What Lies ahead for SBF
If the Judge were to adhere to the law, SBF would face a maximum statutory sentence of 110 years in prison. The prosecutors had advocated for a 40-50 year imprisonment for SBF. However, the defense attorneys urged the Judge to take into account SBF’s good deeds and impose a sentence of less than 6.5 years.
Nevertheless, the Judge ultimately sentenced the 32-year-old former cryptocurrency leader to 25 years in prison.
Tags: FTX