Despite being released on bail in the US, Sam Bankman-Fried – the founder of the FTX exchange, is still being prosecuted by prosecutors with a prison sentence of up to 115 years.
According to a CoinTelegram industry expert, a blockchain said that governments often ask defendants to assist in prosecuting their accomplices to reduce the punishment. In the case of Sam Bankman-Fried, though, it’s unlikely he could point to anyone.
Sam Bankman-Fried is currently out on bail in the US and is staying with his family. He was charged with conspiracy to defraud customers and lenders, securities fraud, commodity fraud, money laundering, and conspiracy to violate financial laws. If convicted, Sam faces up to 115 years in prison.
Since the FTX exchange collapsed, Sam Bankman-Fried has conducted several interviews, fully admitting mismanagement of the funds entrusted to him by clients, but claiming not to do it intentionally. frauds. According to Jim Crammer from CNBC, Sam’s attorneys want their client to remain silent and not admit to anything.
FTX customers are currently waiting for some process to open up to be able to apply for their money back through bankruptcy proceedings. It is not yet clear how much they will get back from what Sam Bankman-Fried left behind, but it is certain that several billion dollars of customer assets have been lost.