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BlockNews
Home BREAKING NEWS

SBF Says He’s Sorry Ahead of Potential 50 Year Sentencing

Matoy by Matoy
March 28, 2024
in BREAKING NEWS, CRYPTO, FEATURED, OPINION
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  • Sam Bankman-Fried apologized at his sentencing hearing for the fraud that led to FTX’s collapse, saying he was “sorry about what happened at every stage.”
  • Once worth $26 billion, Bankman-Fried has seen his fortune evaporate since FTX’s bankruptcy in November 2022 amid accusations he misused billions in customer funds.
  • While apologizing, Bankman-Fried stopped short of making excuses, unlike others who denied wrongdoing after pleading guilty. He faces up to 115 years in prison.

Sam Bankman-Fried, co-founder of the collapsed cryptocurrency exchange FTX, apologized at his sentencing hearing on March 28 for the fraud that led to the company’s downfall.

Bankman-Fried Expresses Regret

Bankman-Fried told the federal judge who will determine his sentence that he was “sorry about what happened at every stage.”

“I know a lot of people feel really let down,” Bankman-Fried said. “I’m sorry about that. I’m sorry about what happened.”

The hearing is taking place in a Manhattan federal court, where Bankman-Fried pleaded guilty to charges connected to the FTX collapse in January.

JUST IN: “I am sorry about what happened” states Sam Bankman-Fried ahead of his sentencing

— BlockNews.com (@blocknewsdotcom) March 28, 2024

Downfall of a Crypto Giant

Once worth an estimated $26 billion, Bankman-Fried has seen his fortune evaporate since problems came to light at FTX in November 2022. The company filed for bankruptcy on November 11.

Prosecutors have accused Bankman-Fried of misusing billions of dollars in FTX customer funds to make bets through his Alameda Research hedge fund and to fund a lavish lifestyle.

He faces up to 115 years in prison, but is expected to receive a substantially lower sentence as part of his plea deal. Bankman-Fried has been free on $250 million bond while awaiting sentencing.

An Apology, But No Excuses

While apologizing in court, Bankman-Fried stopped short of making excuses for his actions.

“I didn’t mean to have any of this happen, and I wish I could undo it,” he told the judge.

Bankman-Fried’s statement of remorse sets him apart from other disgraced business leaders like Bernie Madoff, who continued denying wrongdoing even after pleading guilty. The judge will soon decide whether Bankman-Fried’s apology warrants some leniency.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: cryptoguiltySBF
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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