Apology Accepted? Bankman-Fried’s 25-Year Sentence Sparks Disillusionment in Crypto Circles

March 28, 2024

The recent sentencing of Sam Bankman-Fried (SBF) to a 25-year prison term has created profound shockwaves throughout the cryptocurrency sphere. Against a backdrop of incredulity, the community finds itself confronted with a maelstrom of sentiments, as SBF’s earnest apology appears to register but faintly amidst the clamor. 

The disgraced crypto mogul, previously dubbed the “golden boy of crypto” and the founder of then crypto empires FTX and Alameda Research has expressed contrition before U.S. Judge Lewis Kaplan on Thursday morning in lower Manhattan and tendered a solemn “im sorry” coupled with “I’do anything to be out there trying to help.”

Facing a potential maximum sentence of 110 years with the Probation Department recommending 105 years, prosecutors staunchly advocated for a lengthy term ranging between 40 to 50 years, while his defense team fervently pressed for a markedly truncated duration of only six and a half years. 

The federal judge later handed down a 25-year prison sentence to Bankman-Fried, marking the culmination of his precipitous downfall and the end of the chapter on the saga of the former billionaire prodigy, once celebrated for his entrepreneurial prowess.

“I am not diminishing the harm. The brazenness of his actions. His exceptional flexibility with the truth. His apparent lack of any remorse. I want to add one further thought. I did not think it a fruitful use of time to spell out every lie,” Judge Kaplan said. “When not lying, he was evasive, hair splitting, trying to get the prosecutors to rephrase questions for him. I’ve been doing this job for close for 30 years. I’ve never seen a performance like that,” he added.

On the social media platform X (formerly Twitter), reactions pour in as SBF receives a 25-year sentence for embezzling billions and impacting numerous lives. Comparisons are drawn with Ross Ulbricht, who received a life sentence without parole for creating Silk Road, where he earned $13 million in Bitcoin commissions. 

Users also express frustration, questioning the disparity in sentencing, with some expressing dismay at what they perceive as a lack of justice in SBF’s sentencing, attributing it to the influence of central bankers governing the nation. While several others voice cynicism, suggesting that the outcome of Bankman-Fried’s sentencing is influenced by his significant political donations. Doubts linger regarding whether he will serve the entirety of his 25-year term, with some attributing this skepticism to perceived corruption within the system. 

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