SBF Denies 50-Year Prison Proposal, Calls Sentence Excessive

Key Points:

• FTX co-founder Sam Bankman-Fried has been accused of crimes leading to over a million victims and a $10 billion loss.
• Prosecutors are calling for a 40 to 50-year prison sentence, but his defense suggests this is excessive.

FTX’s SBF denies 50-year prison sentence proposal for his alleged crimes involving over $10 billion loss. His defense calls the proposal “disturbing”.

According to Bloomberg, Sam Bankman-Fried, co-founder of FTX, has refuted US prosecutors’ call for a 50-year prison sentence, labelling it as a distortion of reality that depicts him as a “depraved super-villain.”

SBF Denies 50-Year Prison Proposal: “Distorts Reality” 

Prosecutors have argued that, due to the historic nature of his crime, which allegedly involved over a million victims and a loss of more than $10 billion following the collapse of his crypto empire, a 40 to 50-year sentence is necessary.

They accuse Bankman-Fried of displaying unparalleled greed and hubris, breaking the law under the influence of his own values and a dangerous sense of superiority.

This proposed sentence, however, is far less than the 100 years suggested by US criminal sentencing guidelines and significantly more than the 6 1/2 years suggested by Bankman-Fried’s lawyers.

Readmore: Sam Bankman-Fried Trial Live Updates: Latest News And Insights

Defense Claims Government Attempts to Break Bankman-Fried

The defense has called this proposal “disturbing,” asserting the government is attempting to break their 32-year-old client. In November, a Manhattan jury convicted Bankman-Fried on seven charges, including wire fraud and conspiracy.

Allegedly, he redirected FTX customer money into an affiliated hedge fund, Alameda Research, for risky investments, political donations, and high-end real estate, leading to both companies’ bankruptcy in 2022. Prior to this, FTX had been valued at $32 billion.