- 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.
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.
