Sam Bankman-Fried turns 25 – now what?

A federal judge has sentenced former FTX CEO Sam “SBF” Bankman-Fried to 25 years in prison for multiple felony convictions, prompting backlash from many inside and outside the crypto space.

On March 28, Judge Lewis Kaplan had some harsh words for Bankman-Fried before and after announcing a sentence of 240 months with 60 months consecutive. A total of 25 years in prison. The judge likened the SBF to a “thief” and said that its attempt to promote crypto regulation was “an act” that he knew he had committed perjury and was “willing to flip a coin about the continuation of life on Earth.”

How long and where will Sam Bankman-Fried be in prison?

The former FTX CEO has been in the Metropolitan Detention Center in Brooklyn since August 2023, when Judge Kaplan revoked his bail on charges of intimidation of witnesses. In the March 28 filing of affidavits in the U.S. District Court for the Southern District of New York, the judge indicated that he would reduce the time he has already spent in prison, meaning SBF would face a maximum of 291 months in prison – ending in 2048.

According to Judge Kaplan, Bankman-Fried will serve the remainder of his sentence in a medium or low-security prison in the San Francisco Bay Area. Reports indicated possible locations including the Federal Correctional Institution (FCI) Herlong and FCI Mendota. At the time of publication, it was unclear which would replace the former FTX CEO.

Many reactions from social media following the March 28 hearing expressed doubt that Banman-Fried would serve the full sentence. Under US law, parole is not available for people convicted of federal charges. However, prisoners with “good behavior” receive 54 days of their sentence for each year.

In Bankman-Fried's case, that means a reduction of roughly 3.75 years: a total of 21.25 years served, and after a sentence of less than 21 years — likely ending in 2045. The former CEO, now 32, may be in his mid-50s. Although he was released earlier for good behavior.

Appeal the sentence

Before Judge Kaplan announced the 25-year sentence, Banman-Fried's attorney, Mark Mukasey, said his team plans to appeal the jury's decision. The lawyers have 14 days to present the papers in court.

Many have suggested that a 25-year prison sentence for Bankman-Fried is “too light” considering the influence FTX has on users from the crypto space. However, some seemed surprised by the sentencing hearing.

“I'd say it will work. [Alex] Mashinsky: I hope they both don't have to be in prison literally until the day they die,” said crypto influencer Tiffany Fong, who has provided several exclusives related to the SBF case. “I personally would not be in favor of a 40 to 50-year sentence because I think that would basically be a life sentence for a 32-year-old.”

Related: SBF memecoins pump and dump as FTX founder sentenced to 25 years in prison

“It's a very long prison sentence, and I'm not entirely sure it should be a quarter of a century,” progressive media anchor Anna Kasparian told The Young Turks. “25 years … I feel like that's the kind of prison sentence for a violent criminal that you're saving or that you're a threat to the public.

What about the money?

FTX's bankruptcy case is ongoing in the District of Delaware, where creditors have proposed a plan to pay users based on value at the time of the exchange's bankruptcy. Judge Kaplan awarded $11-billion in damages as part of the Bankman-Fried lawsuit.

“This bankruptcy is designed to ensure that if SBF ever gets money, it will be for the government and victims, not for itself,” former federal prosecutor Mitchell Eppner said in a March 29 CNN report. “He can never accumulate money in his life, and loss cannot be avoided by loss.”

Epner's statement suggested the government could pursue those funds if Bankman-Fried were to start a successful multimillion-dollar business after his release. A similar scenario could apply for a sudden windfall, which could see SBF achieve the same financial status as before November 2022.

Magazine: ‘A Little Shiny' Mashinsky Serves Less Jail Time Than SBF: Inner City Press, X Hall of Flame