April 2, 2024
SBF's Post-Sentencing Statement: 'I Was Unaware of Illegality'
Policy & Regulation

SBF’s Post-Sentencing Statement: ‘I Was Unaware of Illegality’

Former FTX CEO Sam “SBF” Bankman-Fried has reportedly broken his silence following his sentencing to 25 years in federal prison.

The verdict, handed down by Judge Lewis Kaplan of the United States District Court for the Southern District of New York on March 28, comes after Bankman-Fried’s conviction on seven felony counts.

Response from Detention Center

According to an April 1 report, Bankman-Fried responded to questions from news outlets via email from the Metropolitan Detention Center in Brooklyn, where he has been held since August 2023.

In his response, Bankman-Fried expressed disbelief, stating, “I never thought that what I was doing was illegal. I’m haunted, every day, by what was lost. I never intended to hurt anyone or take anyone’s money.”

Avoiding Responsibility

Many of Bankman-Fried’s responses seemed to deflect responsibility for the collapse of the crypto exchange in November 2022.

He acknowledged making “bad decisions” but denied acting selfishly. His statement echoed sentiments expressed before sentencinhttps://miamicrypto.com/critical-review-of-new-yorks-bitlicense-oversight/g, where he justified his actions and claimed that FTX would have survived and customers would have been repaid.

Bankman-Fried’s statement may be one of his last before beginning his federal prison sentence. Judge Kaplan recommended that he serve the remainder of his time at a medium- or low-security prison in the San Francisco Bay Area.

A March 28 docket entry suggested that Bankman-Fried would serve roughly 24.25 years, factoring in the time already spent behind bars after being remanded by Judge Kaplan.

Appeals and Potential for Sentence Reduction

Bankman-Fried’s lawyers have indicated their intention to appeal the verdict, although no appeal had been filed at the time of publication.

Legal experts speculate that Bankman-Fried could earn reductions in his sentence for good behaviour, but there is no parole in the federal prison system.

The developments surrounding Bankman-Fried’s sentencing highlight the complexities and consequences of actions within the cryptocurrency industry, shedding light on legal and ethical considerations in the evolving landscape of digital finance.

Image: Wallpapers.com

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