Sam Bankman-Fried’s sentencing imminent as FTX victims recount enduring ‘irreparable damage’

Victims of the defunct cryptocurrency exchange FTX have shared their experiences ahead of the sentencing hearing for former CEO Sam “SBF” Bankman-Fried. In court filings, prosecutors released victim impact statements that highlighted the emotional and financial devastation caused by Bankman-Fried’s actions and the subsequent collapse of the firm. One victim expressed their disappointment, stating that they had trusted FTX with their hard-earned savings and believed in the platform’s integrity. They emphasized that the downfall of FTX not only resulted in a significant financial loss but also shattered their trust in the digital asset space. Other victims described the toll the collapse took on them emotionally and how it affected their personal relationships. Many are calling for Bankman-Fried to be held accountable for his role in the events leading up to the exchange’s demise. Bankman-Fried was convicted of seven felony counts in November 2023 and is scheduled to be sentenced on March 28. Prosecutors have recommended a sentence of 40 to 50 years in prison, while Bankman-Fried’s lawyers have suggested 6.5 years. It is expected that the judge will consider the victim impact statements during the sentencing process. The collapse of FTX has raised questions about the trustworthiness of crypto exchanges.