- 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.
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.
