Former crypto mogul Sam Bankman-Fried faces the potential of decades in prison when he is sentenced for his role in the 2022 collapse of FTX
FILE - Sam Bankman-Fried leaves Manhattan federal court in New York on Feb. 16, 2023. Bankman-Fried's lawyers are seeking leniency next month at the FTX founder's sentencing for cryptocurrency crimes. The lawyers filed presentence arguments late Monday, Feb. 26, 2024, in Manhattan federal court.
Bankman-Fried’s attorneys, friends and family have urged leniency, saying he is unlikely to reoffend again. They also say FTX's investors have largely recovered their funds — a claim disputed by bankruptcy lawyers, FTX and its creditors. Two weeks ago, Bankman-Fried attorney Marc Mukasey attacked a probation office recommendation of 100 years in prison, saying a sentence of that length would be “grotesque” and “barbaric.”"Sam is not the ‘evil genius’ depicted in the media or the greedy villain described at trial,” Mukasey said, calling his client a “first-time, non-violent offender."
FTX allowed investors to buy dozens of virtual currencies, from Bitcoin to more obscure ones like Shiba Inu Coin. Flush with billions of dollars of investors’ cash, Bankman-Fried took out a Super Bowl advertisement to promote his business and bought the naming rights to an arena in Miami.
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