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Hey folks.
The former crypto billionaire Sam Bankman Fried convicted of fraud and money laundering last year will return to court in New York to receive a penalty for his crimes.
According to a report, it is obvious that Sam Bankman Fried will be going to prison however it is not known for how long.
The legal team of the 32-year-old have called for leniency, but Prosecutors, are asking for 40–50 years behind bars.
According to them, such a sentence is warranted for someone who lied to banks and investors and he embezzled billions in deposits from users of FTX, his now-defunct cryptocurrency exchange.
The defence team of Sam Bankman has proposed a jail of 6.5 years while accusing the government of adopting "a medical view of punishment" by demanding a long prison sentence for a first-time, nonviolent offender.
Hundreds of pages of letters from former FTX clients, his parents' friends and family, and even total strangers have been sent in response to the question in an attempt to influence Judge Lewis Kaplan, the federal judge who will determine his fate.
A British investor Suni Kavuri who had holdings worth more than $2 million on the exchange when it crashed said, "He has shown no remorse so why would any judge show any mercy?"
The crash of FTX in 2022 was a stunning fall for Sam Bankman Fried who had grown to be a billionaire and a business celebrity promoting the firm.
It was found by a US jury in November 2023 that SBF had stolen billions from the exchange in customer money ahead of the crash to buy property, make political donations, and use for other investments.
Hive:
X: www.x.com/newsintercept
Website: www.newsintercept.com
