Bankrupt cryptocurrency exchange FTX’s founder, Sam Bankman-Fried (SBF), will be officially sentenced on the 28th of this month. The U.S. Department of Justice submitted dozens of victim impact statements from FTX creditors to the court on Monday to support its sentencing recommendation of 40 to 50 years of imprisonment for SBF.
In early November last year, SBF, the founder of FTX, was found guilty on all seven charges, including fraud and money laundering. According to the sentencing memorandum submitted by U.S. prosecutor Damian Williams to the Southern District Court of New York on the 15th, SBF is being requested to be sentenced to 40 to 50 years of imprisonment.
Prior to SBF’s official sentencing, the U.S. Department of Justice submitted several dozen victim impact statements from FTX creditors to the court on Monday to support its sentencing recommendation. These victims come from around the world and in their letters, they described the FTX assets they held and the impact of FTX’s bankruptcy on their lives.
According to CoinDesk, these victims stated that FTX’s collapse in 2022 “took away their financial security,” causing emotional harm and “creating a sense of insecurity and distrust in the financial system.” One victim stated that they have been without income for over a year, and their situation has worsened due to unemployment and an ongoing disability determination process. Other interviewees mentioned that they lost their jobs due to health issues and can only rely on the funds stored in FTX.
Some victims mentioned that they trusted FTX because of SBF’s statements or believed that U.S. exchanges would be regulated. Some of these victims questioned the possibility of receiving 100% of their FTX assets back, pointing out that FTX intends to compensate based on the asset value at the time of the November 2022 bankruptcy, rather than the current asset value.
SBF’s lawyers hope for a sentence of less than 6.5 years. SBF’s sentencing is scheduled for March 28th at 9:30 am Eastern Time (9:30 pm Taiwan Time). Last month, SBF’s defense team submitted a sentencing memorandum urging Judge Lewis Kaplan to impose a lighter sentence of no more than 6.5 years.
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