FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request
11 Abril 2024 - 11:30PM
NEWSBTC
In a dramatic turn of events, Sam Bankman-Fried, the founder of the
now-defunct cryptocurrency exchange FTX, has been sentenced to 25
years in prison for defrauding users. The judgment was handed down
by US District Judge Lewis Kaplan during a hearing in a Lower
Manhattan federal courtroom on March 28. Bankman-Fried, who
had publicly announced plans to appeal the conviction, has now
officially filed an objection to the decision. ‘Remorse And
Empathy’ For FTX Customers During the sentencing hearing, US
District Judge Lewis Kaplan leveled serious accusations against
Bankman-Fried, including perjury and evasiveness during his
testimony. The judge expressed disappointment in Bankman-Fried’s
lack of regret for the crimes committed. Related Reading: XRP
Sees An Alarming 1,800% Surge In Liquidations, Whats Going On? In
response, Bankman-Fried expressed remorse and empathy for the
“thousands of customers” who suffered financial losses. He
acknowledged his responsibility as CEO of FTX and expressed desire
to repair the damage caused. Bankman-Fried expressed frustration at
the loss of what he had achieved and his limited ability to improve
the situation from prison. Despite his efforts, he acknowledged the
constraints that limited his ability to do more. Sam Bankman-Fried
Alleges Trial Unfairness In a post-conviction interview,
Bankman-Fried expressed concerns about the fairness of his trial,
specifically targeting Sullivan & Cromwell, the law firm
representing FTX’s new owners. The disgraced FTX co-founder
accused the law firm of colluding with the prosecution and
obstructing his access to key FTX documents shared with the
prosecution. Bankman-Fried claimed that this had a detrimental
effect on the entire trial, including media coverage and the
defense’s ability to present evidence in his favor. With the
official appeal now filed, Bankman-Fried is seeking a different
outcome, hoping for a reduced sentence. He emphasized the
importance of introducing crucial evidence and presenting key
witnesses, which he claims his defense was denied the opportunity
to do during the trial. Currently being held at the Metropolitan
Detention Center in Brooklyn, Bankman-Fried has been particularly
vocal about his desire to remain in the MDC-Brooklyn jail pending
the outcome of his appeal. Related Reading: Bitcoin Mining
Difficulty Hits Record High In Anticipation Of Halving Event –
Here’s Why It Matters As this high-profile case unfolds, the crypto
mogul’s quest for a different outcome and the damage caused by
FTX’s collapse continue to captivate public attention. Future
actions by the US government in response to this appeal, as well as
subsequent legal actions and filings by Bankman-Fried’s legal team,
are yet to be determined. Presently, the native token of the
exchange, FTT, is trading at $1.60. Notably, the token has
experienced a noteworthy 4% price increase within the last 24
hours, distinguishing it from the overall trend of sideways price
movement or declines observed across the cryptocurrency market.
However, it is important to note that the token has witnessed a
decline of 32% over the past month, which has considerably
diminished FTT’s year-to-date surge, currently standing at 25%.
Featured image from iStock, chart from TradingView.com
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