Sam Bankman-Fried ‘Hacked’ Reported After 25-Year Jail Sentence for FTX Mistakes

After suffering a lack of remorse for his role in the disastrous collapse of crypto currency exchange FTX, disgraced co-founder and former CEO Sam Bankman-Fried expressed his regrets for the first time over the Easter weekend.

After being sentenced to 25 years in prison for fraud, money laundering and conspiracy in an industry-shattering scandal that cost customers nearly $8 billion, Banman-Fried said he was “remorseful” in a set of emails. actions—but he reiterated that he always acted in good faith.

“I never thought what I was doing was illegal, I tried to hold myself to a higher standard, and I certainly didn't meet that standard,” he wrote in messages exchanged with ABC News.

Bankman-Fried expressed his sympathy for the firm's former clients.

“I have heard and seen despair, frustration and betrayal from thousands of customers,” he wrote.

Bankman-Fried reiterated that the company has enough cash to pay off its debt.

“That could and should have happened in November 2020, and it could and should happen today—it's painful to see them waiting day by day,” he wrote. “There are, and have been, many assets to pay customers, lenders and investors in full, on time, or value.”

Much of the argument is not new. In the year Speaking at a hearing on March 28, Banman-Fried tried to make the case more of a bad manager than a crime, telling the court that he had “made a series of bad decisions”.

“They were not selfish decisions. They were not selfless decisions. They were bad decisions.

The defense also tried to argue that there was a lack of criminal intent.

“Sam is at the opposite end of the culpability scale for fraud crimes,” Bankman-Fried's defense attorney said in closing statements. “There was nothing predatory or predatory or despicable or mercenary or exploitative about his behavior.”

But FTX's new CEO, John J. Ray III, never bought it — and neither did the jury. “No regrets. At least as effective a liar as lived by Samuel Banman-Fried, it was a lie,” Ray wrote.

“Why did bitcoins disappear?” he wrote “The jury concluded beyond a reasonable doubt that Mr Banman-Fried stole them and converted them into something else. As a result, the victims cannot be reimbursed in kind.

Rey III has yet to recover enough assets to pay creditors in full. However, the current bull run in the crypto market helped a lot to tip the scales overnight, Judge Louis Kaplan said, which doesn't make the damage any less damaging.

“A thief who takes his loot to Las Vegas and successfully wagers the stolen money is not entitled to a reduction in his sentence by using his Las Vegas winnings to return all or part of his stolen property,” Kaplan wrote.

Bankman-Fried also expressed his desire to fix it.

“Every day, I worry about what's gone. I never intended to hurt anyone or take anyone's money,” he said. “I would give anything to help repair even part of the damage. I am doing what I can from prison, but it is a shame that I cannot do more,” he said.

Bankman-Fried has decided to appeal his conviction, a process that could further extend the timeline for a final outcome in his case. Sullivan & Cromwell, representing FTX's new ownership, argued that it played a negative role in the trial.

“Essentially, Sul Krom's role in the prosecution, the one-sided media frenzy he fueled, and the defense's failure to obtain critical evidence at trial dominated the entire process.

Edited by Ryan Ozawa.