Sam “SBF” Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has reportedly been advising prison guards on investments, specifically recommending Solana, during his incarceration. This comes as his legal team requests a relatively lenient sentence of between five and a quarter to six and a half years from a federal judge in Manhattan, despite facing a maximum of 110 years following his conviction for fraud and money laundering last November.
Legal Team Calls for Leniency
Bankman-Fried, convicted on multiple fraud and conspiracy charges, is under the court’s scrutiny, with sentencing by Judge Lewis A. Kaplan scheduled for March 28. The defense has criticized the Pre-sentence Investigation Report’s (PSR) suggestion of a 100-year sentence as “barbaric,” highlighting SBF’s status as a first-time offender and the potential for full restitution to victims from the FTX bankruptcy estate. The defense’s plea for a reduced sentence is bolstered by numerous supportive letters from friends and family.
Life Behind Bars
While behind bars at the Metropolitan Detention Center in Brooklyn, stories of SBF’s adaptability have emerged, including anecdotes of him bartering for haircuts and navigating prison life. The New York Times highlighted his continued engagement with the crypto world, advising guards to invest in Solana—a cryptocurrency with which he has been closely associated.
The Fall of FTX
Before its collapse, FTX was a titan in the crypto exchange world, boasting a valuation of $32 billion as of January 2022. The company’s downfall, triggered by the mismanagement of $8 billion in customer funds and various fraud charges against Bankman-Fried, has been a significant blow to the cryptocurrency community and its investors.
