- Sam Bankman-Fried’s legal counsel pleads leniency ahead of sentencing hearing.
- The legal team has painted a positive image to portray SBF as virtuous.
- SBF is currently incarcerated in the Brooklyn Metropolitan Center.
The fall of former crypto mogul and FTX founder Sam Bankman Fried (SBF) was a controversial chapter in crypto history, marked by a criminal conviction and the loss of over $8 billion for investors. Following his conviction on one of the largest financial fraud cases by the U.S. Department of Justice (DOJ), SBF has remained in confinement, awaiting a potential judgment of up to 115 years.
However, as the sentencing hearing nears, the disgraced crypto mogul and his legal team plot new tactics to alter his fate.
SBF Sentence: 6.5 Years or 110 Years?
On Tuesday, February 28, SBF’s defense counsel submitted a sentencing memorandum to the United States District Court Of the Southern District of New York, lobbying for a lenient sentence for the disgraced crypto mogul.
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Recounting his early life and career experience before the founding of FTX, the counsel countered the prevailing sentiment that Bankman-Fried is “one of history’s most notorious fraudsters,” asserting that it contrasts his true identity.
“Those who know Sam know he is selfless, altruistic, and a young man who has demonstrated throughout his life “a genuine concern for those less fortunate around the world,” the memorandum stated, adding that, “as a society, we need more people like him.”
SBF’s lawyers advocated against the 115 years ahead of the convicted former CEO, pleading for a sentence no longer than 63-78 months, approximately five to six and a half years.
Despite his legal counsel’s efforts to secure a lenient sentence, SBF appears to have swiftly adjusted to his new life.
SBF’s Life Behind Bars
Presently held in the New York Metropolitan Detention Center, SBF has quickly formed friendships and business skills, easily navigating prison life.
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Sporting a newly trimmed and bearded look, the 31-year-old has earned himself a reputation, sharing crypto tips with other inmates and prison guards.
SBF reportedly shared cells with high-profile offenders such as Mexican ex-secretary of public security Genaro García Luna and Juan Orlando Hernández, the former president of Honduras, both of whom were convicted on criminal charges.
Beyond crypto assets, Bankman-Fried has also devised new means of exchange behind bars, swapping his ‘non-vegan’ prison food items like mackerel fish for services like haircuts.
On the Flipside
- SBF has been accused of secretly colluding with Tether and the Bahamas to artificially inflate the growth of USDT.
- Bankman-Fried’s defunct exchange, FTX, has abandoned all plans to revive its exchange.
- FTX remains indebted, with over $8 billion worth of assets owed to an extensive list of creditors.
Why This Matters
The portrayal of SBF as a selfless philanthropist starkly contrasts with the actions that led to his conviction and the significant financial loss he caused the industry. While the possibility of a lenient 6.5-year sentence may seem improbable given the severity of his charges, the defense’s efforts hold the potential to sway the looming legal decision.
Read more about SBF’s recent appearance in court since his conviction:
SBF Sticks with Mashinsky’s Lawyer Despite Potential Conflict
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