{"id":30823,"date":"2024-04-01T23:53:54","date_gmt":"2024-04-01T23:53:54","guid":{"rendered":"http:\/\/icoinmarket.com\/sam-bankman-fried-haunted-by-ftx-mistakes-after-25-year-prison-sentence-report\/"},"modified":"2024-04-01T23:53:54","modified_gmt":"2024-04-01T23:53:54","slug":"sam-bankman-fried-haunted-by-ftx-mistakes-after-25-year-prison-sentence-report","status":"publish","type":"post","link":"https:\/\/icoinmarket.com\/sam-bankman-fried-haunted-by-ftx-mistakes-after-25-year-prison-sentence-report\/","title":{"rendered":"Sam Bankman-Fried \u2018Haunted\u2019 by FTX Mistakes After 25-Year Prison Sentence: Report"},"content":{"rendered":"<p> <br \/>\n<br \/><\/p>\n<div style=\"position:relative;overflow:visible;font-size:1.2em;line-height:1.58\">\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">After getting slammed for showing no remorse for his role in the catastrophic collapse of crypto currency exchange FTX, disgraced co-founder and former CEO Sam Bankman-Fried expressed regret the first time over the Easter weekend.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">After being sentenced to 25 years in prison for fraud, money laundering, and conspiracy charges for the industry-shaking scandal that resulted in nearly $8 billion in customer losses, Bankman-Fried said in a set of emails that he was \u201cremorseful\u201d for his actions\u2014but again insisted that he always acted in good faith.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">&#8220;I never thought that what I was doing was illegal,\u201d he wrote\u00a0in messages exchanged with ABC News, \u201cI tried to hold myself to a high standard, and I certainly didn&#8217;t meet that standard.\u201d<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Bankman-Fried expressed empathy for his firm&#8217;s former customers.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">&#8220;I&#8217;ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers,\u201d he wrote. \u201cThey deserve to be paid in full at the current price,\u201d<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Bankman-Fried once again insisted that the company had enough money to pay its debts.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cThat could and should have happened in November 2020, and it could and should happen today\u2014it&#8217;s excruciating to see them waiting, day after day,\u201d he wrote. \u201cThere are and always have been plenty of assets to repay customers, lenders, and investors in full, at current prices or prices at the time.\u201d<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Much of his argument is not new. Speaking at his trial on March 28, Bankman-Fried tried to make a case for being a bad manager rather than a criminal, telling the court that he \u201cmade a series of bad decisions.\u201d<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cThey weren&#8217;t selfish decisions. They weren&#8217;t selfless decisions. They were bad decisions,&#8221; he said. \u201cI failed everyone that I care about and everything I care about too.\u201d<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">His defense also tried to argue that there was a lack of criminal intent.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cSam is on the opposite end of the culpability scale that they talk about for fraud crimes,\u201d Bankman-Fried\u2019s defense attorney said during closing statements. \u201cThere was nothing predatory or rapacious or venal or mercenary or exploitative about his conduct.\u201d<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">But John J. Ray III, FTX&#8217;s new CEO, never bought it\u2014and apparently neither did the jury. \u201cThe remorse is nonexistent. Effective altruism, at least as lived by Samuel Bankman-Fried, was a lie,\u201d Ray said in a written statement.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cWhy were the bitcoins missing?\u201d he wrote. \u201cA jury has concluded beyond a reasonable doubt that Mr. Bankman-Fried stole them and converted them into other things. For that reason, they are not available to be returned in-kind to his victims.&#8221;<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Ray III has so far not recovered enough assets to pay creditors in full. However, the current bull run of the crypto market has helped a lot in evening out the scales, a fact that Judge Lewis Kaplan says doesn\u2019t make the damage any less harmful.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cA thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back all or part of what he stole if and when he gets caught,&#8221; Kaplan wrote.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Bankman-Fried also expressed a desire to make amends.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cI&#8217;m haunted, every day, by what was lost. I never intended to hurt anyone or take anyone&#8217;s money,\u201d he said. \u201cI&#8217;d give anything to be able to help repair even part of the damage. I&#8217;m doing what I can from prison, but it&#8217;s deeply frustrating not to be able to do more.\u201d<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Bankman-Fried has decided to appeal his conviction, a process that could further extend the timeline for a final outcome in his case. He argues that Sullivan &amp; Cromwell, the law firm representing FTX&#8217;s new ownership, played a negative role in the trial.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cAt the root, SullCrom&#8217;s role in the prosecution, the one-sided media frenzy they incited, and the defense&#8217;s inability to get in critical evidence at trial, infected the whole process,&#8221; he told the broadcaster.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Edited by Ryan Ozawa.<\/p>\n<div class=\"my-4 border-b border-decryptGridline\">\n<div class=\"text-start p-8 md:py-12 md:px-12 max-w-prose relative\"><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple 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of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":26800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sam Bankman-Fried \u2018Haunted\u2019 by FTX Mistakes After 25-Year Prison Sentence: Report - iCoinMarket<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/icoinmarket.com\/sam-bankman-fried-haunted-by-ftx-mistakes-after-25-year-prison-sentence-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sam Bankman-Fried \u2018Haunted\u2019 by FTX Mistakes After 25-Year Prison Sentence: Report - iCoinMarket\" \/>\n<meta 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