Crypto fraudster Bankman-Fried faces sentencing

Former FTX chief Sam Bankman-Fried leaves the Federal Courthouse following a bail hearing ahead of his October trial, in New York City on July 26, 2023. – Customers of the cryptocurrency exchange FTX, which filed for bankruptcy protection last November, would get back the bulk of their deposits under a plan proposed by liquidators.

If quickly freed, “it is realistic that he will settle on a narrative, lean into it, and convince other people to part with their money based on lies and the promise of false hope,” Williams said in a 113-page legal filing, accompanied by testimonials from dozens of victims. The final sentence will be meted out by US District Judge Lewis Kaplan. Bankman-Fried will be given an opportunity to address the court prior to sentencing.A graduate of the Massachusetts Institute of Technology and a billionaire before the age of 30, Bankman-Fried conquered the crypto world at breakneck speed, turning FTX, a small start-up he cofounded in 2019, into the world’s second largest exchange platform.

Filings from the prosecution and defense offered starkly different takes on Bankman-Fried, the son of two well regarded law professors at tony Stanford University. “The sentencing determinant is not about a speculative return of funds,” Frenkel said. “It is about what was the fraud when he was convicted.”

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