- Sam Bankman-Fried stated “I never thought what I was doing was illegal” after being sentenced to 25 years in federal prison for his role in the FTX collapse.
- Bankman-Fried’s statement mirrored his court comments before sentencing, claiming he did not intend to hurt anyone or take their money, despite being convicted on seven felony counts.
- The DeFi project Chainage is seeking tokenholder approval to raise $13 million for expansion, with plans to use funds for global growth, talent acquisition, liquidity incentives, and partnerships.
Former FTX CEO Sam Bankman-Fried recently responded to questions from news outlets following his sentencing to 25 years in federal prison. His statements provide insight into his mindset and rationalizations surrounding the collapse of the crypto exchange in November 2022.
Bankman-Fried’s Statements After Sentencing
According to an April 1 report from ABC News, Bankman-Fried responded via email to questions from the Metropolitan Detention Center in Brooklyn where he has been held since August 2023.
In his emailed statement, Bankman-Fried said “I never thought that what I was doing was illegal. I’m haunted every day by what was lost. I never intended to hurt anyone or take anyone’s money.” His statement mirrored one he made before sentencing, mainly justifying his actions before FTX declared bankruptcy and claiming the exchange would have survived and customers would get repaid.
The statement to ABC may be one of the last Bankman-Fried made before going to federal prison. Judge Kaplan recommended the former CEO serve the remainder of his time at a medium- or low-security prison in the San Francisco Bay Area.
Legal Outlook
On March 28, Judge Lewis Kaplan of the United States District Court for the Southern District of New York sentenced the former FTX CEO to 25 years after his conviction on seven felony counts.
A March 28 docket entry suggested that Bankman-Fried would serve roughly 24-25 years in consideration of the months already spent behind bars after being remanded by Judge Kaplan. Legal experts have suggested that the former CEO could earn years off his sentence for good behavior, but there is no parole in the federal prison system.
Bankman-Fried’s lawyers said on March 28 they intended to appeal the verdict. No appeal had been filed at the time of publication.
Conclusion
The statement to ABC avoids Bankman-Fried taking responsibility for the collapse of FTX. It remains to be seen if he will change his tune after beginning to serve his lengthy prison sentence. His emailed statement provides insight into his continued justification and denial of criminal wrongdoing in the downfall of the major crypto exchange.
