FTX Exchange Founder Sam Bankman-Fried (SBF) may face long-term imprisonment. US federal prosecutors are advocating for strict punishment against SBF, recommending a sentence of 40 to 50 years of imprisonment. The prosecution accuses SBF of recklessly handling customer funds and shows no remorse for his actions.
On the other hand, the defense has proposed a significantly lighter sentence of 5 and 1/4 to 6 and 1/2 years. They argue that FTX customers have the opportunity to recover most of their lost funds and insist that they had no intention of committing theft initially.
This significant disparity in sentencing recommendations will revolve around the consequences of SBF’s actions and his responsibility towards the victims of FTX’s collapse.
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Is it likely for SBF to make a comeback with a light sentence under full compensation? Lawyers’ opinions indicate
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Judgment day is approaching
US District Judge Lewis Kaplan is scheduled to announce SBF’s sentence on March 28. Meanwhile, SBF has not given up and plans to appeal his conviction and sentence. The judgment to be held in the Manhattan federal court will set a crucial milestone in the history of fraud cases in the cryptocurrency industry.
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Further reading
BlockFi reaches settlement with FTX and Alameda Research, creditors expected to receive full compensation of $875 million
Another channel for FTX claims, unfinished applications can be completed through FTX Digital by May 15.