Fun

SBF sentencing: Letters highlight efforts to recover FTX funds

News Feed - 2024-02-29 03:02:43

Ana Paula Pereira5 hours agoSBF sentencing: Letters highlight efforts to recover FTX fundsThe FTX collapse and initial efforts to recover funds are described in new letters attached to Sam Bankman-Fried’s sentencing submission.4046 Total views9 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksNew letters attached to Sam “SBF” Bankman-Fried’s criminal court case provide details on the days following FTX’s collapse and initial efforts to recover funds.


The legal counsel for the former FTX CEO filed a memo in the U.S. District Court in Manhattan on Feb. 27 requesting a prison sentence of less than seven years on multiple counts of fraud and money laundering. Along with the sentencing submission, a total of 29 supportive letters were attached for Judge Lewis Kaplan’s review.


At least two letters specifically address the earliest efforts to recover FTX’s customer funds after the November 2022 bank run that led to the exchange’s bankruptcy.


One of the documents is written by Daniel Chapsky, a former data scientist at Meta and head of data science at FTX. According to him, Bankman-Fried ignored early advice from his parents’ to assemble a legal defense team in case he was prosecuted:“He worked almost around the clock, to the point of exhaustion. [...] He had no patience for conversations about defending himself. Instead, he offered whatever help he could give to both sets of bankruptcy professionals.”


Support letters are typically intended to highlight a defendant’s good character and positive attributes. In Bankman-Fried’s case, the documents focusion his cooperation with the FTX bankruptcy state and his altruistic philosophy, among other things.


Related: Sam Bankman-Fried’s brother: ‘His life would be wasted in prison’


According to Chapsky, Bankman-Fried’s early cooperation saved hundreds of millions of dollars for FTX bankruptcy:“I will say only that having worked closely with Sam for significant parts of those five weeks and observed his actions, the data speaks louder than words. By the time all other members of FTX founding team and senior leadership had given up on helping customers and switched to protecting themselves, Sam kept trying to help.”


A separate document by Jeremy Brest, founder and direct manager of Framework Capital Solutions, describes negotiations with an anonymous client seeking to acquire FTX assets in November 2022.


“I recommended my client attempt to acquire significant portion of the FTX assets, and eventually, they did propose an investment in a process that was unfortunately thwarted by the bankruptcy team,” said Brest, noting that the former CEO was focused on “generating value” for FTX clients.


FTX’s new management recently disclosed plans to fully repay its creditors based on the prices of crypto assets at the time of bankruptcy.


A jury found Bankman-Fried guilty of seven charges in his criminal trial on Nov. 3, 2023, including wire fraud, wire fraud conspiracy, securities fraud, commodities fraud conspiracy and money laundering conspiracy. His sentencing is expected on March 28, where he will face a maximum sentence of 110 years in prison.


Magazine:Can you trust crypto exchanges after the collapse of FTX?# Business# Bankruptcy# Sam Bankman-Fried# FTXAdd reactionAdd reactionRead moreGemini to return at least $1.1B to Earn customers in settlement with NYDFSFrom zombie to unicorn: VCs discuss startup turnaround at Web Summit Qatar

News Feed

How to connect BNB Smart Chain to MetaMask
Marcel Deer12 hours agoHow to connect BNB Smart Chain to MetaMaskLearn how to connect the BNB Smart Chain to your MetaMask wallet and access a world of DApps, tokens and DeFi opportunities.550 Total views6 Total sharesLi
China Designates 15 National Pilot Zones and 164 Entities for Blockchain Projects
China Designates 15 National Pilot Zones and 164 Entities for Blockchain Projects The Chinese government has established 15 pilot zones and 164 entities for blockchain projects. &#
Helen Partz10 hours agoNasdaq halts launch of cryptocurrency custody serviceNasdaq said it remains committed to digital asset business development and will be monitoring market events in the near future.6293 Total views1
Dogecoin Price Set To Skyrocket By Saturday, Warns Crypto Analyst
Este artículo también está disponible en español. Crypto analyst Kevin (@Kev_Capital_TA) has identified a bullish pennant formation in the 4-hour Dogecoin / USD price cha
Brayden Lindrea8 hours agoMarathon, Riot among most overvalued Bitcoin mining stocks: ReportBitcoin mining analyst Jaran Mellerud said there are “better-priced opportunities” that could even out the valuation discrep
Marcel Pechman3 hours agoIs the 25% drop in PEPE, SHIB and APE a sign of a deepening crypto bear market?Memecoins reflect a higher beta to the entire crypto sector, but does their recent 25% price drop signal a deepening
Arthur Hayes reveals philosophy behind ‘Airheads’ Ordinals collection
Vince Quill6 hours agoArthur Hayes reveals philosophy behind ‘Airheads’ Ordinals collectionUsers can choose to complete quest-like directives to receive Airheads or outright purchase the inscribed art through a “Wh
The Silk Road Balance Sheet Discrepancy: Bitcoin Worth $4.8 Billion Still Missing
The Silk Road Balance Sheet Discrepancy: Bitcoin Worth $4.8 Billion Still MissingThe original Silk Road marketplace has been shut down for well over seven years now and to this day,
MicroStrategy is trading at an ‘unjustifiable premium’ to Bitcoin: Analyst
Ciaran Lyons5 hours agoMicroStrategy is trading at an ‘unjustifiable premium’ to Bitcoin: AnalystKerrisdale Capital claims MicroStrategy’ is no longer a “unique way to gain access to Bitcoin” but Michael Saylor
Brayden Lindrea13 minutes agoLightning devs must ‘wake up’ and fix security bugs, not please VCs: Bitcoin devAntoine Riard, who left the Lightning Network in October, argues the Lightning Network is also at risk of b
Felix Ng7 hours agoDeloitte, Chainalysis alliance to give law enforcement a crypto edgeBig Four accounting firm Deloitte said the partnership could help authorities identify and take down bad actors hiding “behind the
Bitcoin ATMs Increase in Number in Moscow, Russia
Bitcoin ATMs Increase in Number in Moscow, Russia The number of bitcoin ATMs has been on the rise in Russia’s capital and the rest of the country, a press report revealed this we