Some community members think SBF’s 25-year jail term is okay and befitting for his crime, while others believe he deserves a more severe sentence.
The sentencing of Sam Bankman-Fried (SBF), ex-crypto king, founder, and former CEO of the collapsed cryptocurrency exchange FTX, has stirred multiple reactions from crypto community members.
SBF’s Sentencing
Judge Lewis Kaplan of the Southern District of New York sentenced SBF to 25 years behind bars on Thursday at a federal court in Manhattan. Federal prosecutors sought a sentence of 40-50 years, the convict’s lawyers pushed for a 6.5-year term, but SBF faced up to 110 years after he was found guilty of seven criminal charges, including wire fraud and money laundering.
The prosecutors accused SBF of misappropriating over $8 billion in customer money to fund a luxury lifestyle, real estate purchases, political donations, and venture-capital investments, submitting dozens of victim statements that detailed the impact of the criminal’s actions on the lives of FTX users.
When SBF spoke in the courtroom, he said: “My useful life is probably over. It’s been over for a while now,” referring to his six-month stay at the Metropolitan Detention Center in Brooklyn. He reiterated his claims that there are enough assets to repay FTX creditors in full, countering interim CEO John Ray’s reports that the exchange’s victims would never be made whole.
According to several tweets on crypto X, some community members think SBF’s 25-year jail term is okay and befitting for his crime, while others believe he deserves more years and possibly a life sentence.
“A Slap in The Face”
Jenny Horne, the host of the finance broadcast channel Schwab Network, said SBF’s sentence seems “pretty middle of the road” compared to those of his predecessors, including Bernie Madoff, Elizabeth Holmes, Chelsea Manning, and Jeffrey Keith, who landed 150, 11, 35, and 24-year jail terms, respectively. Interestingly, SBF is considered the Madoff of this generation.
American financial journalist Charles Payne said, “hell no,” SBF’s jail term is not enough. Crypto trader and internet personality Bob Loukas said the FTX founder’s wealth must have helped him land a lighter sentence.
“He should have gotten life without the possibility of parole. Twenty five years is a slap in the face to all the people he ruined,” insisted another pseudonymous X user.
Meanwhile, SBF’s lawyers have indicated they will appeal Judge Kaplan’s decision. Speculations are making the rounds that their client may walk away from the appeal with a higher or lesser sentence.
