NEW YORK: Disgraced cryptocurrency wunderkind Sam Bankman-Fried is set to be sentenced on Thursday (Mar 28) following his conviction in one of the biggest financial fraud cases in history.
is set to be sentenced on Thursday following his conviction in one of the biggest financial fraud cases in history.
Moreover, a lengthy sentence is necessary to"protect the public", argued US Attorney Damian Williams, who characterised Bankman-Fried as an"adept" spin doctor capable of additional malfeasance. Their portrayal is similar to the one SBF's defence presented at trial - which was quickly rejected by jurors after just five hours of deliberation.
But in November 2022, the FTX empire imploded, unable to cope with massive withdrawal requests from customers panicked to learn that some of the funds stored at the company had been committed to risky operations at Bankman-Fried's personal hedge fund, Alameda Research. Bankman-Fried's attorneys also pointed to statements from FTX's current leaders expressing confidence that FTX customers and creditors would get back their money, saying in the brief, that"the harm to customers, lenders and investors is zero".
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