Former FTX CEO, Sam “SBF” Bankman-Fried, has reportedly addressed questions from news outlets after being sentenced to 25 years in federal prison. According to a report from ABC News on April 1, Bankman-Fried responded to the queries via email from the Metropolitan Detention Center in Brooklyn, where he has been held since August 2023. On March 28, Judge Lewis Kaplan of the United States District Court for the Southern District of New York handed down a 25-year sentence to the former FTX CEO following his conviction on seven felony counts.
In response to the questions, Bankman-Fried stated, “I never believed that my actions were illegal. I am tormented every day by the losses incurred. My intentions were never to harm anyone or take their money.” While Bankman-Fried’s answers seemed to evade responsibility for the collapse of the cryptocurrency exchange in November 2022, he acknowledged making “poor decisions” without acting with selflessness or selfishness. His statement echoed sentiments expressed before his sentencing, where he defended his actions leading up to FTX’s bankruptcy and asserted that the exchange would have survived, enabling customer repayment.
The statement given to ABC may be one of Bankman-Fried’s last before he begins serving his sentence. Judge Kaplan recommended that the former CEO spend the remainder of his time in a medium- or low-security prison in the San Francisco Bay Area.
A docket entry on March 28 indicated that Bankman-Fried would serve approximately 24.25 years, taking into account the months already spent in custody after being remanded by Judge Kaplan. Legal experts have suggested that Bankman-Fried could potentially reduce his sentence through good behavior, but parole is not available in the federal prison system.
Bankman-Fried’s lawyers announced on March 28 their intention to appeal the verdict. As of now, no appeal has been filed.
In other news, Inner City Press and X Hall of Flame report that “less flashy” Alex Mashinsky, who is also facing jail time, is expected to receive a shorter sentence compared to Bankman-Fried.