The founder of the bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), was sentenced to 25 years in life imprisonment last night. What did he say at the hearing? Here are the key points summarized by Blocklike for you.
After FTX exchange collapsed for 500 days, founder Sam Bankman-Fried (SBF) attended the sentencing hearing on the 28th night, where multiple victims appeared in court to accuse that FTX had always claimed to have fully compensated the victims, which was not the case in reality (previously reported by Blocklike, the compensation for tokens was not calculated at the current price, for example, BTC was compensated at $16,870, resulting in a significant gap).
SBF stated in court, “I ruined everything my colleagues built, they were disappointed. I am deeply sorry for this, I am sorry for everything that happened at each stage.”
He also admitted that his decisions led to the collapse of FTX and Alameda Research, expressing regret for it. However, he emphasized that his decisions were not selfish but a crisis resulting from a series of misexecutions and other factors.
SBF’s defense attorney stated that SBF is a clumsy bookworm who is passionate about vegetarianism and a billionaire who does not care about material wealth. He has long been thinking about his moral obligations to people globally and donated his income to charity while working on Wall Street.
The judge rejected SBF’s claim that he was also a victim. According to Inner City Press, Judge Kaplan stated that the defendant (SBF) had a privileged upbringing, with parents who loved and cared for him, enjoying all the advantages his parents could provide, and even attended Massachusetts Institute of Technology.
After graduation, he amassed wealth at Jane Street and made extensive donations. Despite having autism, the defendant displayed exceptional intelligence and accomplishments, along with extraordinary ambition, discussing the establishment of two major companies and a strong interest in politics, intending to use wealth to influence political situations. He also set up an anonymous donation channel to support right-wing groups while publicly claiming support for appropriate regulation of the cryptocurrency industry.
However, Judge Kaplan considered all of this to be a performance. The defendant admitted in the transcripts that his statements about regulation were merely a public relations ploy, holding a contemptuous attitude towards regulatory agencies.
Seizing assets worth over $110 billion
Finally, Judge Kaplan sentenced the defendant to serve 240 months in prison first, followed by consecutive 60 months, totaling 300 months of imprisonment, which is 25 years (SBF is currently 32 years old and if not granted parole, he will be released close to 60 years old). At the same time, he ordered the seizure of over $110 billion of his assets.
Furthermore, the judge recommended placing SBF in a prison near the San Francisco Bay Area where his family is located.
In conclusion, the century’s trial of SBF has come to an end, but the harm he caused to millions of users is still a wound that cannot be easily healed. The cryptocurrency industry should take this as a profound lesson and strive to move in the right direction.