Sam Bankman-Fried speaks out for first time after 25-year prison sentence

Sam Bankman-Fried, the disgraced former crypto king who was handed a 25-year sentence for main an enormous fraud, insisted in his first interview from jail that he didn’t consider he was breaking the legislation — though he additionally admitted it wasn’t proper.

“I by no means thought that what I used to be doing was unlawful,” Bankman-Fried informed ABC News on Sunday. “However I attempted to carry myself to a excessive normal, and I definitely didn’t meet that normal.”

He additionally stated from his jail cell on the Metropolitan Detention Middle in Brooklyn that “after all” he’s remorseful after US District Judge Lewis Kaplan said during Bankman-Fried’s sentencing on Thursday that he has an “obvious lack of any actual regret.”

“I’ve heard and seen the despair, frustration and sense of betrayal from hundreds of consumers; they should be paid in full, at present worth,” Bankman-Fried informed ABC.

“That would and may have occurred in November 2022, and it might and may occur at present. It’s excruciating to see them ready, day after day.”

“I by no means thought that what I used to be doing was unlawful,” Sam Bankman-Fried informed ABC Information from his jail cell on Sunday after being sentenced to 25 years for his function in an enormous fraud. AFP by way of Getty Photographs

He added that he “felt the ache” from co-workers too as he “threw away what they poured their lives into,” in addition to from the charities he supported “as their funding become nothing however reputational injury.”

A few of Bankman-Fried’s former workforce have admitted that they’ve struggled to land another job and have battled melancholy since FTX’s beautiful downfall from its peak valuation of $40 billion.

“I’m haunted, on daily basis, by what was misplaced,” Bankman-Fried added in his correspondence with ABC. “I by no means supposed to harm anybody or take anybody’s cash. However I used to be the CEO of FTX, I used to be liable for what occurred to the corporate, and if you’re accountable it doesn’t matter why it goes dangerous.”

“I’d give something to have the ability to assist restore even a part of the injury. I’m doing what I can from jail, but it surely’s deeply irritating not to have the ability to do extra.”

Crypto crime reporter Tiffany Fong launched this photograph of jailed Bankman-Fried — the primary of him from inside MDC Brooklyn. He was pictured alongside ex-gang members round Christmas, in accordance with Fong. Obtained by Tiffany Fong
Bankman-Fried spoke to ABC from his cell in MDC Brooklyn, although the decide really useful that he serve his 25-year sentence from a higher-security jail — doubtlessly in California close to his mother and father. Paul Martinka

Greater than 1 million prospects are believed to have suffered losses on account of FTX’s sudden November 2022 collapse, which got here after Bankman-Fried was discovered for having swiped FTX consumer funds to plug an $8 billion debt at sister firm and failing hedge fund Alameda Analysis.

Bankman-Fried has since been discovered responsible of seven counts of fraud, conspiracy and cash laundering associated to his firm’s demise.

Victims say they’re nonetheless owed greater than $19 billion based mostly on present crypto costs. Bankman-Fried stated to ABC that these money owed would have been “paid again way back,” however the firm determined to not restart the FTX trade, which he claimed might have doubtlessly led to long-term worth.

“There are and all the time have been loads of property to repay prospects, lenders, and buyers in full, at present costs or costs on the time,” he stated, in accordance with ABC.

Bankman-Fried had made the identical argument in courtroom, claiming that Sullivan & Cromwell, the legislation agency representing FTX’s new possession, labored with prosecutors.

The accusations, nevertheless, had been shot down by the decide, who stated throughout sentencing: “The defendant’s assertion that FTX prospects and collectors will probably be paid in full is deceptive. It’s logically flawed, it’s speculative.”

“On the root, SullCrom’s function within the prosecution, the one-sided media frenzy they incited, and the protection’s incapability to get in essential proof at trial, contaminated the entire course of,” Bankman-Fried informed ABC.

At FTX’s peak, it was valued at $40 billion.
Christopher Sadowski

Bankman-Fried additionally steered that he was not given a good trial, as he ought to have had the proper to see the FTX paperwork Sullivan & Cromwell with prosecutors, in accordance with ABC.

Bankman-Fried stated his protection staff plans to attraction the 25-year sentence later this 12 months based mostly on specifics of trial testimony that “vastly misstated what truly occurred” and the truth that his protection was “not allowed to introduce essential proof or placed on vital witnesses,” he informed the outlet.

The disgraced crypto boss didn’t elaborate on his protection staff’s authorized technique.

Choose Kaplan has additionally ordered Bankman-Fried to pay again greater than $11 billion to FTX’s customers, buyers and lenders.

Leave a Reply

Your email address will not be published. Required fields are marked *