Sam Bankman-Fried Appeals 25-Year Prison Sentence for $8bn FTX Fraud
Sam Bankman-Fried, the 32-year-old former CEO of the bankrupt cryptocurrency exchange FTX, appealed his convictions for seven counts of fraud and conspiracy to launder money in a federal court on Thursday.
He was sentenced to 25 years in prison in late March after being found guilty in November.
Bankman-Fried signaled his intention to contest the court's rulings shortly after sentencing, but it's unclear on what grounds he will make his appeal.
The lengthy appeals process could take years.
FTX, a crypto exchange once valued at $32bn, filed for bankruptcy in late 2022 during a wider crypto market crash.
The company used customer funds for risky investments through a closely linked hedge fund, Alameda Research.
CEO Sam Bankman-Fried reportedly used some of the customer funds for personal expenses, including political donations, luxury cars, properties, and celebrity endorsements.
When customers requested their money back, a significant budget deficit was revealed, leading prosecutors to label his actions as "old-fashioned embezzlement" disguised as new technology.
Sam Bankman-Fried, the founder of a failed cryptocurrency company, was sentenced for stealing $8bn from his customers.
At the sentencing, Bankman-Fried expressed sorrow but was criticized for lacking genuine remorse.
Prosecutors sought a lengthy sentence of 40-50 years, while his lawyer requested only six years.
Throughout his arrest and trial, Bankman-Fried maintained his innocence and took the stand, but the jury found his confidence unconvincing.
Bankman-Fried signaled his intention to contest the court's rulings shortly after sentencing, but it's unclear on what grounds he will make his appeal.
The lengthy appeals process could take years.
FTX, a crypto exchange once valued at $32bn, filed for bankruptcy in late 2022 during a wider crypto market crash.
The company used customer funds for risky investments through a closely linked hedge fund, Alameda Research.
CEO Sam Bankman-Fried reportedly used some of the customer funds for personal expenses, including political donations, luxury cars, properties, and celebrity endorsements.
When customers requested their money back, a significant budget deficit was revealed, leading prosecutors to label his actions as "old-fashioned embezzlement" disguised as new technology.
Sam Bankman-Fried, the founder of a failed cryptocurrency company, was sentenced for stealing $8bn from his customers.
At the sentencing, Bankman-Fried expressed sorrow but was criticized for lacking genuine remorse.
Prosecutors sought a lengthy sentence of 40-50 years, while his lawyer requested only six years.
Throughout his arrest and trial, Bankman-Fried maintained his innocence and took the stand, but the jury found his confidence unconvincing.
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