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BlockNews
Home CRYPTO

Sam Bankman-Fried Promotes Crypto Investments from Prison

Michael Juanico by Michael Juanico
February 28, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Sam Bankman-Fried, the founder of FTX, requested a 5.25-6.5 year prison sentence in a recent court filing. He was convicted on fraud and money laundering charges in November 2022.
  • SBF faces up to 110 years in prison for misusing $8 billion in FTX customer funds. His lawyers argue for leniency as customers will be repaid and he has no prior convictions.
  • Sentencing is scheduled for March 28, 2023. SBF’s fate rests in the hands of the judge, who will bring closure to one of crypto’s most shocking collapses.

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has requested a prison sentence between 5.25 and 6.5 years in a recent court filing. SBF was found guilty on multiple fraud and money laundering charges in November 2022.

ICYMI: Sam Bankman-Fried has been shilling Solana $SOL to guards while in prison

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

Background on the FTX Collapse

FTX was once valued at $32 billion before its collapse in November 2022. SBF was indicted on charges related to the misuse of $8 billion in customer funds. He has been held at Metropolitan Detention Center in Brooklyn since his arrest.

SBF Faces Up to 110 Years in Prison

SBF was convicted on 8 counts of fraud and money laundering. The pre-sentence report recommended a 100-year sentence, but SBF’s lawyers argue this would be “barbaric” for a first-time offender. The maximum sentence is 110 years. Sentencing is scheduled for March 28, 2023.

Arguments for Leniency

SBF’s lawyers argue he should receive a lighter sentence because FTX customers are expected to be fully repaid and he has no prior convictions. They cited letters from friends and family supporting a lenient sentence.

SBF’s Time in Prison

While in prison, SBF has reportedly been giving investment advice to guards, suggesting they invest in Solana. He also traded mackerel for a haircut and was extorted for protection money.

Conclusion

SBF’s lawyers have requested 5-6 years, while prosecutors likely seek a longer sentence. His ultimate fate rests in the hands of the judge overseeing the case. The sentencing on March 28 will bring closure to one of the most shocking crypto collapses in history.

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: cryptoFTXMoney LaunderingSam Bankman-FriedSolana
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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