Biden

Joe Biden

Guardian

Donald Trump

Rise

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Sam Bankman-Fried, the former billionaire, so-called “crypto king,” is facing life in prison following a court meeting in New York.</li> 
 <li>According to the latest reports, SBF is potentially facing life in prison.</li> 
</ul> 
<p><em>UPDATE: New reports reveal the final decision is 25 years in jail for SBF.&nbsp;</em></p> 
<p><a href="https://crypto.ro/en/news/sam-bankman-fried-to-face-trial-for-8-9-billion-ftx-fraud-one-of-the-biggest-in-us-history/">Sam Bankman-Fried,</a> the former crypto billionaire who has already been convicted of fraud and money laundering in 2023, has returned to court in New York today to be sentenced for his crimes.</p> 
<p>According to the latest reports, he is now speaking at the sentencing:</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">SBF is currently speaking at his sentencing. You can follow the thread from here. <a href="https://t.co/qDy1NNYzFP" rel="nofollow" target="_blank">https://t.co/qDy1NNYzFP</a></p> 
 <p>— The Wolf Of All Streets (@scottmelker) <a href="https://twitter.com/scottmelker/status/1773361595155939398?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">March 28, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>He reportedly said, according to the thread shared by Inner City Press, that he had made a lot of mistakes, customers were not paid back, FTX did not survive, and this caused a lot of damage.</p> 
<p><a href="https://www.bbc.com/news/business-68560911" rel="nofollow noopener" target="_blank">BBC</a> reported earlier that he is definitely going to jail, but the duration of the sentence is unknown at this point.</p> 
<p>This has sparked a debate on the severity of his crimes and the appropriate punishment. While his legal team has requested a lenient sentence, the prosecutors are pushing for a 40 to 50-year imprisonment.</p> 
<p>They argue that it is an appropriate sentence for someone who lied to investors and banks and embezzled billions in customer deposits from his now-defunct cryptocurrency exchange, FTX.</p> 
<p>According to <a href="https://www.theguardian.com/commentisfree/2024/mar/28/sam-bankman-fried-jail-ftx-money" rel="nofollow noopener" target="_blank">The Guardian</a>, Sam Bankman-Fried is facing his ultimate disgrace. The judge, politicians, and the press worldwide will label him as one of the most significant fraudsters in American history.</p> 
<p>According to Fox News, he may be facing over 100 years in jail, meaning a life sentence:</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">Sam Bankman-Fried is facing up to 110 years in prison <a href="https://t.co/NtOGmwUiZi" rel="nofollow" target="_blank">pic.twitter.com/NtOGmwUiZi</a></p> 
 <p>— The Post Millennial (@TPostMillennial) <a href="https://twitter.com/TPostMillennial/status/1773349460925436196?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">March 28, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 id="the-ftx-and-sam-bankman-fried-saga">The FTX and Sam Bankman-Fried saga</h2> 
<p data-sourcepos="1:1-1:154">Sam Bankman-Fried (SBF) was a prominent figure in the cryptocurrency industry before his downfall in late 2022. Here’s a summary of the most important highlights about him.</p> 
<h3 data-sourcepos="3:1-3:18" id="rise-and-fall">Rise and Fall:</h3> 
<p>SBF founded FTX, a leading cryptocurrency exchange, which grew rapidly and was valued at $40 billion in early 2022.</p> 
<p>He became known as a “crypto wunderkind” for his success and bullish stance on cryptocurrencies. SBF invested in other crypto firms and attempted to rescue failing ones, earning a reputation as a crypto savior.</p> 
<h3 data-sourcepos="9:1-9:30" id="downfall-and-legal-issues">Downfall and Legal Issues:</h3> 
<p>FTX faced insolvency issues in November 2022 due to potential fraud at Alameda Research, a crypto trading firm SBF co-founded. FTX filed for bankruptcy, and SBF resigned as CEO. He was arrested in December 2022 in the Bahamas and extradited to the US.</p> 
<p>In November 2023, a jury found him guilty of multiple charges, including wire fraud, securities fraud, and money laundering.</p> 
<p>He is currently awaiting sentencing, which will definitely involve significant prison time.</p> 
<p>The Guardian also details the people who were involved in SBF’s moves:</p> 
<blockquote>
 <p>“While battling Donald Trump in 2020, Joe Biden received about $5m from Bankman-Fried. He wasn’t alone. Mitt Romney, Cory Booker, Paul Ryan, Nancy Pelosi: they and so many other Democrats and Republicans accepted collectively tens of millions.”</p>
</blockquote> 
<p>The publication also mentions celebrities, sports stars, and more “high-rollers from the faintest qualm.”</p> 
<p>According to Scott Melker, SBF is showing no remorse, and he claimed that there were always enough assets to pay back clients.</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">SBF is showing absolutely no remorse. </p> 
 <p>He just claimed there were always enough assets to pay back<br>clients. </p> 
 <p>He’s burying himself further. </p> 
 <p>He may actually believe his own bullshit.</p> 
 <p>— The Wolf Of All Streets (@scottmelker) <a href="https://twitter.com/scottmelker/status/1773363807642947714?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">March 28, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>It remains to be seen exactly how many years SBF will get, but what is certain is that he will spend tens of years in jail.</p>

Sam Bankman-Fried, Disgraced “Crypto King”, Faces Life In Jail, Shows No Remorse, Court Notes Reveal

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