Former FTX CEO, Sam “SBF” Bankman-Fried, has reportedly addressed the media after being sentenced to 25 years in federal prison. According to an article by ABC News on April 1, Bankman-Fried responded to questions 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 after he was convicted on seven felony counts.
According to ABC, SBF stated, “I never believed that my actions were illegal. I am plagued by the loss every single day. I never intended to harm anyone or take anyone’s money.” Bankman-Fried’s responses to the questions seemed to evade responsibility for the collapse of the cryptocurrency exchange in November 2022. He admitted to making “poor decisions,” but denied acting with self-interest. His statement echoed remarks he made prior to sentencing, where he justified his actions before FTX filed for bankruptcy and claimed that the exchange would have survived and customers would have been repaid.
The statement given to ABC may be one of the last public statements made by SBF before he begins his federal prison term. Judge Kaplan recommended that the former CEO serve the remainder of his sentence at a medium- or low-security prison in the San Francisco Bay Area.
A docket entry on March 28 suggested that Bankman-Fried would serve approximately 24.25 years, taking into account the months he had already spent in custody since being remanded by Judge Kaplan. Legal experts have suggested that the former CEO could potentially reduce his sentence through good behavior, although parole is not available in the federal prison system.
Bankman-Fried’s lawyers expressed their intention to appeal the verdict on March 28. However, as of the time of publication, no appeal had been filed.
In other news, according to Inner City Press and X Hall of Flame, it is expected that “less flashy” Alex Mashinsky will receive a shorter prison sentence than SBF.