FTX founder SBF sentenced to 25 years in prison! He is a 57-year-old middle-aged man after he was released from prison

Exactly 500 days after the collapse of the FTX exchange, its founder Sam Bankman-Fried (SBF) attended the sentencing hearing on the evening of the 28th. He said in court: "I destroyed They lost everything their colleagues had built, and they were disappointed. I'm sorry for that, and I'm sorry for what happened at every stage."

At the same time, SBF also admitted that it was its own decisions that led to FTX and Alameda Research's collapse, he apologized for this; however, he emphasized that its decision-making was not motivated by selfishness, but was a crisis caused by a series of wrong executions and other factors.

Finally, Judge Kaplan said: The court sentenced the defendant to serve 240 months in prison first, and then serve 60 months in prison consecutively. The cumulative prison time is 300 months, which is 25 years (SBF is now 32 years old, without parole) He was nearly 60 years old when he was released from prison). The jury had previously found guilty on all seven counts, including fraud, money laundering and other financial felonies.

Judge rejects SBF's argument that victims were paid in full

At sentencing hearing, judge rejects SBF's argument that investors were paid in full, says lost funds More than $550 million. In addition, the judges said they found that SBF attempted to tamper with witnesses and provide perjury during the trial.

The U.S. Department of Justice submits victim statements

Previously, in order to support prosecutors’ sentencing recommendations, the U.S. Department of Justice submitted dozens of victim impact statements from FTX creditors to the court. These victims Letters from all over the world described the FTX assets they held and the impact of FTX’s bankruptcy on their lives.

According to CoinDesk, these victims said that the collapse of FTX in 2022 "took away their financial security," caused emotional harm, and "created a sense of insecurity and distrust in the financial system." .

One victim said he has been without income for more than a year, and his life is now worsened by unemployment and ongoing disability determination proceedings. Other interviewees said they have suffered from health problems. If you are unemployed, you can only rely on the funds stored in FTX.

Some victims mentioned that they trusted FTX because of what SBF said, or because they believed that American exchanges would be regulated. Some of them questioned the 100% recovery of FTX assets. It means that FTX intends to pay compensation based on the asset value under the currency price when it goes bankrupt in November 2022, rather than the asset value under the current currency price.

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