Fun

Crypto users weigh in on Sam Bankman-Fried’s prison time ahead of sentencing memo

News Feed - 2024-02-28 05:02:06

Turner Wright3 hours agoCrypto users weigh in on Sam Bankman-Fried’s prison time ahead of sentencing memoThough potentially facing up to 110 years in prison, Sam Bankman-Fried could be sentenced by Judge Lewis Kaplan to 15–25 years based on his case, according to some lawyers.1091 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksLawyers representing Sam “SBF” Bankman-Fried are expected to submit their sentencing recommendation for the former FTX CEO on Feb. 27, and crypto users have thoughts.


On Nov. 3, a jury convicted Bankman-Fried of seven felony counts, some carrying a potential sentence of up to 20 years in prison. Judge Lewis Kaplan will receive sentencing recommendations from SBF’s lawyers on Feb. 27, and prosecutors on March 15 and will decide the fate of the former FTX CEO.


SBF’s conviction on two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy could land the former CEO in prison for roughly 110 years if given the maximum sentence. However, as many lawyers and former prosecutors have pointed out following Bankman-Fried’s conviction, judges are unlikely to impose the maximum penalty except in extraordinary circumstances.


Renato Mariotti, a former prosecutor with the U.S. Justice Department’s Securities and Commodities Fraud Section, reportedly said in December he “wouldn’t be surprised if SBF spends the next 20 or 25 years of his life in prison.” Lawyer Devin James Stone, who runs a YouTube channel called LegalEagle, also weighed in after Bankman-Fried’s conviction.


“The main factors are the scale of the crimes and the amounts stolen and the criminal history of the defendant,” said Stone in a Nov. 14 video. “Bankman-Fried doesn’t have a criminal history, but the sheer scale of the fraud was obviously huge, and he lied and tried to cover everything up, so realistically, Judge Kaplan could sentence him to 15 to 25 years in prison plus restitution.”


Bankman-Fried was initially scheduled for a second criminal trial in March to address five additional charges, but prosecutors announced they did not intend to proceed in December. The filing suggested that SBF could be looking at a harsher sentence with forfeiture and restitution for FTX victims, given the government is willing to forgo trying him again.


“[A] trial on the Additional Counts would feature much of the same evidence that was presented at the initial trial,” said U.S. Attorney Damian Williams in a Dec. 29 filing. “And, importantly, a second trial would not affect the United States Sentencing Guidelines range for the defendant, because the Court can already consider all of this conduct as relevant conduct when sentencing him for the counts that he was found guilty of at the initial trial.”Source: X


“Scumbag doesn’t deserve life, but if he doesn’t get sentenced to a minimum of 20 years I would be surprised,” said X user Batsy in a Feb. 27 post referring to Bankman-Fried. “Gary Wang has kept a low profile but he is just as guilty as SBF, should get equal time. Caroline Ellison should be getting minimum of 5 years.”


Related:What’s next for the ‘crypto king’ Sam Bankman-Fried?


The former FTX CEO last appeared in court on Feb. 21, when he waived conflicts of interest for attorneys representing him and former Celsius CEO Alex Mashinsky. Christian Everdell and Mark Cohen, who represented SBF at his criminal trial, withdrew from the case before the sentencing hearing.


Bankman-Fried will be the first to face a judge for sentencing among the four other former FTX executives tied to the same docket. Former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang, former FTX Digital Markets co-CEO Ryan Salame and former FTX engineering director Nishad Singh all pleaded guilty. Salame is scheduled to be sentenced on May 1.


Magazine:Can you trust crypto exchanges after the collapse of FTX?# Law# Court# Crimes# Sam Bankman-Fried# FTX# RegulationAdd reactionAdd reaction

News Feed

Novogratz’s Galaxy Digital raising $100M to fund crypto startups: Report
Jesse Coghlan37 minutes agoNovogratz’s Galaxy Digital raising $100M to fund crypto startups: ReportGalaxy Digital’s venture arm is in the initial phases of spinning up a $100 million fund, joining other VCs who are r
SEC’s Gary Gensler gets irked being asked about crypto
Jesse Coghlan6 hours agoSEC’s Gary Gensler gets irked being asked about cryptoSEC Chair Gary Gensler says he gets an “outsized ratio” of questions about crypto despite its relatively small size compared to the over
$1 Billion in Bitcoin and Ether: One River Hedge Fund to Increase Holdings From $600 Million
$1 Billion in Bitcoin and Ether: One River Hedge Fund to Increase Holdings From $600 Million Hedge fund management firm One River Asset Management has invested $
Binance integrates USDT on Toncoin Network, opens transactions
Josh O"Sullivan20 minutes agoBinance integrates USDT on Toncoin Network, opens transactionsUsers can now deposit and withdraw USDT on the Toncoin Network via Binance, enhancing liquidity and reducing transaction fees.138
After Pundits Predicted Bitcoin’s Death for 11 Years, Barrels of Crude Oil Trade Below Zero
After Pundits Predicted Bitcoin"s Death for 11 Years, Barrels of Crude Oil Trade Below Zero Global markets had a historical day on Monday, as the price of oil dropped below zero and
PUBG Developer Krafton Partners With Solana Labs to Build Blockchain Games and Services
PUBG Developer Krafton Partners With Solana Labs to Build Blockchain Games and Services Krafton, the company behind the development of the blockbuster videogame PUBG, has announced
Ezra Reguerra11 hours agoNFT sales volume jumps to $129M in November — Nansen dataBlockchain analytics company Nansen reported that NFT sales volumes reached 68,342 ETH in the week ending Nov. 6.12529 Total views67 Tot
WLFI Pushes Chainlink 30% Higher, Cardano Partnership Hints Add Fuel
Este artículo también está disponible en español. Chainlink (LINK) has experienced a significant surge in its price, which analysts are attributing to the additional acqu
Tristan Greene3 hours agoOxford scientists develop GPU-accelerated limit order book sim to teach AI how to tradeThe first-of-its-kind architecture gives up to a 7x speedup over traditional training methods.1940 Total vie
Play-to-Earn Fantasy Sports Game, Ultimate Champions, Announces July 25th Launch Date for Its CHAMP Token
Play-to-Earn Fantasy Sports Game, Ultimate Champions, Announces July 25th Launch Date for Its CHAMP Token press release PRESS RELEASE.Unagi is shifting the way sports fans interact
No Developed Nation Bans Cryptocurrencies, Telegram Founder Pavel Durov Warns Russia
No Developed Nation Bans Cryptocurrencies, Telegram Founder Pavel Durov Warns Russia Pavel Durov, founder of the messaging app Telegram, has criticized Bank of Russia’s prop
XRP Rich List: Top 20 Wallets Control Over 50% Of Supply, But Who’s Number 1?
Este artículo también está disponible en español. XRP, the native cryptocurrency of the Ripple network, has seen its price grow massively in recent months,allowing it to