FTX Founder Sam Bankman-Fried to Challenge 25-Year Prison Term
Sam Bankman-Fried, the disgraced co-founder of the now-defunct cryptocurrency exchange FTX, has formally initiated the process to appeal his conviction and the 25-year prison sentence.
SBF lodged an appeal in the Manhattan federal court on Thursday, following his sentencing to over 25 years in prison by Judge Lewis A. Kaplan.
Key points:
- Sam Bankman-Fried has submitted an appeal to challenge his conviction and the 25-year sentence
- It’s not specified why Bankman-Fried is planning to appeal.
- Bankman-Fried has requested to remain at Brooklyn’s Metropolitan Detention Center while his appeal plays out.
- Bankman-Fried maintains his innocence, claiming he didn’t knowingly commit fraud or steal funds.
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The grounds on which Bankman-Fried intends to appeal remain unclear at this stage. The court barred his defense team from calling a string of expert witnesses and presenting evidence regarding the advice he received from FTX attorneys prior to the company’s implosion during his trial. Â
FTX founder requested to stay at Brooklyn’s Metropolitan Detention Center
Bankman-Fried has requested to stay at the notorious Metropolitan Detention Center in Brooklyn while his appeal is underway.
Throughout the legal proceedings, Bankman-Fried has consistently maintained his innocence. He asserted that he did not knowingly commit fraud or steal $10 billion from customers, investors, and lenders.
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Federal prosecutors, however, argued that he misused the funds to trade at sister hedge fund Alameda Research, purchase luxury real estate in the Bahamas, and finance political donations.
Even during his sentencing, Bankman-Fried reiterated his earlier claims that FTX was not insolvent when it filed for bankruptcy in November 2022, following a wave of customer withdrawals.Â
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