Cheraw Chronicle

Complete News World

Final words of the fallen 'crypto king', in response to his long prison sentence

Final words of the fallen 'crypto king', in response to his long prison sentence

Last week, Sam Bankman-Fried (SBF), the former CEO of collapsed cryptocurrency exchange FTX, was sentenced to 25 years in prison. Now, a week later, the notorious cryptocurrency scammer has responded to his ruling for the first time. He said he was sorry, but continued to stress that his intentions were always pure.

Ripple (XRP) and cosmos (ATOM) make their debut on a major cryptocurrency exchange

  • Icon-walletsexchanges

    Wallets and exchanges

Former FTX CEO responds to prison sentence

according to a report In an April 1 ABC News feature, SBF responded via email to questions from the Metropolitan Detention Center in Brooklyn, where he has been detained since August 2023.

Last Thursday, Judge Lewis Kaplan of the Southern District of New York ruled that SBF must serve at least 25 years in prison following his previous conviction in November last year for a total of seven crimes, including fraud.

SBF has maintained his innocence since FTX collapsed in November 2022. Even in a recent interview, he said he never knew he was violating the law in any way. In addition, he indicated that he had absolutely no intention “to hurt anyone or take anyone's money.” He added: “I tried to hold myself to a high standard, and I certainly did not meet that standard.”

Thousands of FTX customers have lost a lot of money due to SBF's actions. In total, he is talking about several billion dollars. According to Bankman Fried, they are entitled to be “paid in full at the current rate.” “I have heard and seen the desperation, frustration and feeling of betrayal in thousands of customers,” he wrote.

How exactly customers will be compensated remains a big mystery. Since the fall of FTX, SBF has maintained that there will be enough assets to pay everyone back in full, and stated this again in response to ABC News. However, such a statement should be taken with a pinch of salt.

The 'Crypto King' may get away with a lighter sentence

Last week, it also emerged in cryptocurrency news that the former “crypto king” may be able to escape prison with “only” 12.5 years behind bars. In the United States, prisoners can shorten their sentences by behaving well.

Provided the SBF can obtain all available reductions for good behaviour, he can reduce his sentence by 50 percent.

Furthermore, the prison sentence could be reduced if the Sudanese Lawyers Union and its team of lawyers are able to successfully appeal the ruling. Bankman-Fried's lawyers immediately indicated Thursday that they intend to appeal the ruling. However, no appeal has been filed yet.

Post views: 3,252

See also  19 gifts under 50 euros guaranteed result