The disgraced founder of the ill-fated FTX exchange, Sam Bankman-Fried (SBF), is challenging the prison sentence. Recently, the SBF filed an appeal challenging the 25-year sentence.
FTX founder Sam Bankman-Fried appeals conviction and 25-year prison sentence for stealing billions from customers of his defunct cryptocurrency exchange ⤵️ https://t.co/wVpxNaLv9R
— Al Jazeera English (@AJEnglish) April 12, 2024
Notably, the call comes as FTX struggles to repay customers who lost investments during the Bankman-Fried era.
FTX rushes for settlement solution, SBF files appeal seeking commute to prison sentence
On March 28, the federal court sentenced the former CEO of FTX Sam Bankman-Freed Sentenced to 25 years in prison for defrauding customers of billions of dollars through cryptocurrency exchange. However, SBF An appeal has been filed against his conviction, seeking a different sentence.
SBF’s legal team Muskasey Young LLP filed the appeal Notice Go to court. They asked that their client remain in New York while the appeal continues.
Recall that Judge Lewis Kaplan, In the original sentencing, it was ordered that SBF be held in a low or medium security prison. Under a judge’s order, SBF was remanded to California to be close to his parents.
according to Makashi YoungBankman-Fried asked the court for an order recommending that the Bureau of Prisons allow him to remain at the Brooklyn Detention Center until the appeals process is completed.
The electronic appeal has been officially sent to the United States Court of Appeals (USCA). A three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan will review the case under standard procedure.
Despite its ongoing legal dispute with SBF, FTX continues to pursue plans to address victims of fraud. FTX sold everywhere 30 million Nearly $1.9 billion in SOL tokens are locked at a 60% discount. The sale was to repay customers who lost assets as a result of the SBF-led scam.
according to Easy encryption, FTX still holds approximately 11 million SOL after the sale.Although FTX does not Restart plans, and its current management continues to seek ways to fully reward its customers.
🔘 Finally, as mentioned… FTX Real Estate sold 30 million locked SOL tokens at a significant discount, with the average price paid being $64. In doing so, they raised $1.9 billion. According to reports, they have about 11 million SOLs left. With Solana, transaction volume surges…
— Easy Crypto (@easycrypto) April 10, 2024
Experts believe SBF’s chances of overturning conviction are slim
Legal experts say upholding SBF’s appeal will be challenging given the victims’ struggles and the federal court ruling. It is difficult for criminal defendants to change federal court sentences.
according to Statistical data, such reversals occur in less than 10% of similar appeals. Therefore, if Sam Bankman-Fried loses his appeal in the Second Circuit, he must petition the U.S. Supreme Court.
Comment Regarding Bankman-Fried’s sentencing, U.S. Attorney Damian Williams said the former CEO orchestrated one of the largest financial frauds in history. SBF orchestrated fraud that resulted in the loss of more than $8 billion in client funds.
Williams said the SBF’s deliberate and persistent lies showed disrespect for its clients and the rule of law. Therefore, to measure the scale of his crimes, we must not only look at the amount of money he stole, but also the harm he caused to his victims.
Finally, Attorney Williams stated that the sentence would prevent the defendant (SBF) from committing fraud.
