Fun

What to expect at Sam Bankman-Fried’s sentencing hearing

News Feed - 2024-03-28 04:03:52

Turner Wright4 hours agoWhat to expect at Sam Bankman-Fried’s sentencing hearingMore than 500 days after FTX filed for bankruptcy, the world will soon learn whether former CEO Sam Bankman-Fried remains in prison for decades or receives a lenient sentence.2467 Total views18 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksOn March 28, former FTX CEO Sam “SBF” Bankman-Fried will face a judge and learn whether his time in federal prison is ending or just beginning following his conviction on seven felony charges.


Judge Lewis Kaplan will hear from prosecutors and SBF’s attorneys in United States District Court for the Southern District of New York for one of the last times the former FTX CEO will appear in person as part of his criminal case. The sentencing hearing will likely conclude the matter, which started with the collapse of FTX in November 2022 and continued with Bankman-Fried’s arrest, extradition, trial and conviction.Source: Will Robbins


In November 2023, a jury found SBF guilty of charges that included wire fraud, securities fraud, commodities fraud and money laundering. The former CEO’s lawyers were the first to file a sentencing recommendation, suggesting that SBF serve 6.5 years in prison for his actions that led to FTX investors losing access to millions of dollars. 


The seven felony counts carry a maximum allowable sentence of 110 years. Prosecutors recommended Bankman-Fried serve between 40 and 50 years to “reflect the seriousness of the defendant’s crimes,” but the decision will come down to Judge Kaplan’s interpretation of the case and consideration of the victims and affected parties.


“I think you’re going to see a sentence of, I’m going to handicap about 30 years, is what I think [SBF] will get — maybe more,” Mark Bini, a former Assistant U.S. Attorney in the Eastern District of New York and current partner at law firm Reed Smith, told Cointelegraph. “There’s a big dispute between the government and the defense about the loss number here — what is the actual amount that was lost, because that’s a big driver of the guidelines.”


Bini said the sentencing guidelines would require Judge Kaplan to consider the amount lost at the time of the collapse of FTX rather than any repayment plan the firm has proposed in bankruptcy proceedings. One proposed plan would reimburse FTX users in fiat for their lost crypto based on prices in November 2022 — many have pointed out that this would cause them to miss out on recent surges in the price of Bitcoin (BTC) and other tokens.


“My whole life has been destroyed,” said one unidentified FTX user with two children in a victim impact statement to the court. “I did not agree to the risk that SBF took with my funds.”Source: Tiffany Fong


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


Bankman-Fried’s case is mainly new ground regarding a high-profile figure from the digital asset space going through a full trial and being convicted and sentenced. Ross Ulbricht, creator of the Silk Road marketplace, was sentenced to two life sentences without the possibility of parole in 2015. Elizabeth Holmes, founder of Theranos, was sentenced to more than 11 years for exaggerating or falsifying claims about the firm’s blood-testing technology.


In the crypto world, former Binance CEO Changpeng “CZ” Zhao has pleaded guilty to one felony count related to failure to maintain an effective Anti-Money Laundering program at the crypto exchange and is scheduled to be sentenced in April. Former Celsius CEO Alex Mashinsky, charged with defrauding and misleading customers, is set to go to trial in September.


“I don’t think that we’ll see [CZ’s] case impacted that much because they’re very different types,” said Bini. “The Mashinsky case, it could have big consequences because you’ve got the same defense attorney who’s now representing SBF and both of those being in the Southern District of New York. They’re not exactly the same, but [...] certainly Mashinsky will be watching.”


Bankman-Fried’s sentencing is scheduled to begin at 9:30 am ET in New York on March 28, his first appearance in court since waiving a potential conflict of interest for his lawyers. It’s unclear if SBF’s family will be in attendance.


Magazine:‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame# Law# United States# Court# Crimes# Sam Bankman-Fried# FTX# RegulationAdd reaction

News Feed

Trump Bans Chinese Payment App Giants Alipay and Wechat- Order Could Steer Billions of Dollars Toward Bitcoin
Trump Bans Chinese Payment App Giants Alipay and Wechat- Order Could Steer Billions of Dollars Toward Bitcoin Cryptocurrencies may see a boost between China and
XRP Primed For $100 Price Target – Here’s Why
Este artículo también está disponible en español. According to data from CoinMarketCap, XRP rose by 15.57% in the past day to cap off what has been an impressive price pe
Derek Andersen4 hours agoChamber of Digital Commerce launches Digital Power Network miners’ coalitionThe new advocacy group already represents over half the country’s Bitcoin hash rate and will seek to shape energy p
Europe’s crypto industry can ‘sleep better at night’ with new parliament
Daniel Ramirez-Escudero9 hours agoEurope’s crypto industry can ‘sleep better at night’ with new parliamentThe European elections have formed a new EU Parliament that will rule for the next five years.1156 Total vie
Bitcoin Price Crash To $94,000 Imminent As Fibonacci Resistance Is At Stake
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Google updates Gemini AI, apologizes for ‘woke’ inaccurate imagery
Savannah Fortis11 hours agoGoogle updates Gemini AI, apologizes for ‘woke’ inaccurate imageryGoogle updates Gemini AI amid controversy over inaccurate imagery, introducing features while addressing concerns over bias
Analyst Says You’ll Regret Not Buying Ethereum At These Prices, Here’s Where It’s Headed
Este artículo también está disponible en español. According to a crypto analyst, the Ethereum price is on the verge of a breakout, and investors who don’t buy it no
Ethena will become highest revenue-generating crypto project — Delphi Labs CEO
Zoltan Vardai11 hours agoEthena will become highest revenue-generating crypto project — Delphi Labs CEOEthena Labs’ synthetic dollar could grow to become the third-largest asset among stablecoins thanks to its compet
A New Academic Paper Describes 3 Attack Methods Against an Ethereum PoS Chain
A New Academic Paper Describes 3 Attack Methods Against an Ethereum PoS Chain Following the Altair upgrade on the Ethereum network, the protocol’s native cryptocurrency reac
Australia took down 600 crypto scams, says AI will make it worse
Stephen Katte3 hours agoAustralia took down 600 crypto scams, says AI will make it worseAustralia’s financial markets regulator says due to the evolving nature of technology, it’s becoming increasingly challenging fo
Emergent Games Launches Genesis 0 Cryotag NFTs for MMORPG Resurgence Today
Emergent Games Launches Genesis 0 Cryotag NFTs for MMORPG Resurgence Today press release PRESS RELEASE.Today, Web3 development studio Emergent Games has launched a range of 1,000 li
Bitcoin could soon ‘BLOW higher’ on bullish candle hammer — Glassnode execs
Ciaran Lyons7 hours agoBitcoin could soon ‘BLOW higher’ on bullish candle hammer — Glassnode execsTraders will be closely watching how Bitcoin’s weekly chart closes on May 12 to look for signs of the end of the d