Sam Bankman-Fried was sentenced to spend 25 years behind bars — a punishment some say could have been less if the FTX founder showed greater remorse.
After being found guilty of wire fraud in November, and a half-dozen other charges, the former leader of bankrupt cryptocurrency exchange FTX was facing a sentence of up to 110 years.
The sentence of Judge Lewis Kaplan on Thursday fell between the defense’s request for 6.5 years, and the proposed sentences by the government ranging from 40-50 years.
The forfeiture of $11 billion was ordered as well. The defense team of Bankman-Fried said that they will appeal this decision.
Mark Cohen, Bankman-Fried’s attorney, said that in November, the FTX founding “maintains his innocence and will continue to vigorously fight the charges against him.”
Judge Kaplan stated on Thursday that Bankman Fried did not offer a. “word of remorse for the commission of terrible crimes” During the trial, or the hearing for sentencing.
A defendant acknowledging wrongdoing and expressing remorse is critical in this type of case, according to Jack Sharman, a white-collar defense lawyer at Lightfoot, Franklin & White.
“For a white-collar defendant who has fought hard at trial and maintained his innocence, a statement acknowledging guilt and showing remorse can be wrenching — but there is no substitute,” Blockworks received an email from him. “Non-remorse apologies — ‘I’m sorry people were hurt by my mistakes’ — do not suffice.”
Lawyers have noted that under federal sentencing Guidelines, the court will take into consideration various factors. Omar Ochoa, an attorney at Blockworks told Blockworks previously that Bankman-Fried’s absence of criminal history would likely be balanced out by the size of the scam.
Ochoa said that he expects the judge to be “sensitive to the message sent by the sentence provided” Given the attention that the case has received in the media.
Tom Gorman, a partner at law firm Dorsey & Whitney, said in a statement that the 25-year sentence has little to do with crypto, and was handed down based on more than what Bankman-Fried was convicted of.
“It reflects, in my view, the crimes plus his disrespect for the court system,” Gorman noted. “Telling the truth and his story would have shown not just respect for the court and system, but that he understands the lesson to be learned here. Lies show you have learned nothing.”
Jake Chervinsky of the crypto venture capital firm Variant compared Bankman-Fried’s sentencing to Ross Ulbricht. Ulbricht was convicted of seven crimes in 2013, relating to Silk Road and his participation.
Silk Road was perhaps best known for its illegal drug listings — transactions for which were made in bitcoin.
Chervinsky is the former Chief Policy Officer at Blockchain Association. She has advocated for Ulbricht to be given a lesser sentence. He had been facing a sentence minimum of 20 years.
Although the two cases were very dissimilar, they both found each guilty of conspiring to commit money laundering and other charges.
“That’s a long time, but he’ll get out and have a life left afterward,” Chervinsky said that Bankman-Fried was 25 in X. “[Ulbricht] got two life sentences, plus 40 years. This is not justice.”
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
