Sam Bankman-Fried, FTX CEO, has filed an appeal against his 25-year prison term handed down on March 28th. Judge Kaplan not only imposed this sentence but also frozen his $11 billion worth of assets during the hearing.
Bankman-Fried’s legal team intends to challenge both the jury’s finding of guilt on seven felony charges and the judge’s imposed sentence. The ensuing phase involves presenting this appeal before the Second Circuit Court of Appeals, where a group of judges will assess whether to affirm or overrule the initial verdict and penalty.
The crypto community is taken aback by this announcement, given the mixed response it received, which ranged from positive to negative reactions. For those affected by FTX’s actions over the past 25 years, the sentence may be fitting for the harm and sorrow experienced by its customers. However, for some in the cryptocurrency industry, it might serve as a cautionary tale to prevent similar mistakes in the future.
The co-conspirators of Bankman-Fried, including a former colleague who already confessed with a guilty plea before the trial and another one awaiting their next court hearing, are Ryan Salame. His sentencing is scheduled for May 28th.
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2024-04-12 00:20