The founder of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), was sentenced to 25 years to life imprisonment last night. What did he say at the sentencing hearing? The Block summarizes for you.
After FTX exchange closed down for 500 days, founder Sam Bankman-Fried (SBF) attended a sentencing hearing on the evening of the 28th. Several victims appeared in court to accuse that FTX had claimed to fully compensate the victims, which was not the case. SBF stated in court, “I destroyed everything my colleagues built, and they are disappointed. I am sorry for this, I am sorry for everything that happened at each stage.”
He also acknowledged that his decisions led to the collapse of FTX and Alameda Research, expressing regret. However, he emphasized that his decisions were not selfish but were the result of a series of missteps and other factors leading to the crisis. SBF’s defense lawyer described him as a vegetarian nerd who does not care about material wealth, has been considering his moral obligations to the global population early on, and donated his income to charitable organizations while working on Wall Street.
The judge rejected SBF’s argument 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, and attended MIT. After graduating, he accumulated wealth at Jane Street and engaged in extensive donations. Despite being autistic, the defendant exhibited extraordinary intelligence and achievements, along with abnormal ambition, discussing the establishment of two major companies and a strong interest in politics to influence political situations. He also set up anonymous donation channels to support right-wing groups while publicly stating support for appropriate regulation of the cryptocurrency industry.
Judge Kaplan viewed all this as a performance. The defendant admitted in transcripts that his statements about regulation were merely public relations tactics, showing contempt for regulatory agencies. Finally, Judge Kaplan sentenced the defendant to 240 months in prison followed by 60 consecutive months, totaling 300 months or 25 years. He also ordered the seizure of his assets worth over $11 billion.
Additionally, the judge recommended placing SBF in a prison near his family in the San Francisco Bay Area. In conclusion, the epochal trial of SBF has come to an end, but the harm he caused to millions of users cannot be easily healed. The cryptocurrency industry should take this as a profound lesson and strive to move in the right direction.
