The latest charges filed last week by US prosecutors against Sam Bankman-Fried over the collapse of his crypto exchange FTX and related fraud accusations could see him facing a sentence from 115 up to 155 years in jail, according to a report by EuroNews, which said the former billionaire now faces 12 indictments.
Prosecutors said on Thursday that Bankman-Fried stole billions of dollars in FTX customer deposits to support the operations and investments of FTX and his crypto trading hedge fund Alameda Research – and “make charitable donations and spend tens of millions of dollars on illegal campaign donations to Democrats and Republicans in an attempt to buy influence over cryptocurrency regulation in Washington DC”, the report said.
Lawyers say Bankman-Fried has done himself no favours by attempting to defend himself in the court of public opinion, noting that he had sent out “eight tweets, a Substack newsletter, and [done] a handful of lengthy interviews with the media”, according to a separate report by NPR, which noted that all his donations to the Republican Party were “dark” – admissions that led to some of the recent additional charges.
Read the full report: EuroNews.
New FTX Chief Slates ‘Complete Failure of Corporate Control’
Singapore’s Temasek to Write Down $275m FTX Investment
Bankrupt Crypto Exchange FTX Could Have 1 Million Creditors
$1.7 Billion of Clients’ Funds ‘Missing’ After FTX Collapse