World

Sam Bankman-Fried Appeals 25-Year Prison Sentence for Crypto Fraud Verdict

Former cryptocurrency prodigy Sam Bankman-Fried has lodged an appeal against his federal conviction and 25-year prison sentence in a wide-reaching fraud case, as revealed in a legal document released on Thursday.

The appeal follows two weeks after US District Court Judge Lewis Kaplan issued the prison term and mandated Bankman-Fried, known as “SBF,” to forfeit $11 billion.

Bankman-Fried had experienced a meteoric rise in the cryptocurrency realm, amassing billionaire status before the age of 30 and transforming FTX, a startup he co-founded in 2019, into the world’s second-largest exchange platform.

However, Bankman-Fried’s rapid ascent came crashing down in November 2022, amid a flurry of customer withdrawals and revelations of billions of dollars being illicitly transferred from FTX to Bankman-Fried’s personal hedge fund, Alameda Research.

Also Read: Russia Launches Angara-A5 Space Rocket

In November 2023, a federal jury in New York convicted Bankman-Fried on seven counts of fraud, embezzlement, and criminal conspiracy.

During the sentencing hearing last month, Bankman-Fried expressed remorse over the downfall of the firm, which also impacted numerous colleagues. “It haunts me every day,” he admitted. “I made a series of bad decisions.”

However, the judge noted that Bankman-Fried had not fully taken responsibility. Kaplan criticized Bankman-Fried for showing “exceptional flexibility” towards the truth and lacking any “word of remorse for the commission of a terrible crime.”

 

Naiteek Bhatt

Recent Posts

Agricultural Output Grew 54.6% Over 12 Years; Reveals NSO Report

The NSO has reported a 54.6% rise in the Gross Value of Output from agriculture…

7 mins ago

Iranian Minister Calls Out President Trump For ‘Disrespectful’ Tone Toward Khamenei

Iranian Foreign Minister Seyed Abbas Araghchi on Saturday called on US president Donald Trump to abandon what he…

2 hours ago

Gautam Adani Reaches Bhubaneswar; Set to Participate In Jagannath Rath Yatra

Gautam Adani, Chairperson of the Adani Group, arrived in Bhubaneswar and proceeded to Puri to…

2 hours ago

Cold Showers Vs Warm Showers: What’s Best To Start Your Day?

Choosing between cold and warm showers can impact your energy, health, and mood. Here’s how…

3 hours ago

Manoj Tiwari Joins Jagannath Rath Yatra In Puri; Celebrates With Devotees

BJP MP Manoj Tiwari participated in the first day of the Jagannath Rath Yatra in…

4 hours ago

HM Amit Shah To Launch Development & Education Projects Across Gujarat

Amit Shah is visiting Gujarat to inaugurate key education, cooperative, and rural development projects across…

4 hours ago