Initial image surfaces of Sam Bankman-Fried behind bars.
1 min read
FTX founder Sam Bankman-Fried, convicted of fraud in November 2023, has been photographed in jail at MDC Brooklyn. The sentencing, scheduled for March 28, 2024, could potentially result in a lighter verdict due to FTX’s plans to repay customers. District Judge Lewis A. Kaplan will oversee the sentencing, with restitution playing a significant role. Despite the FTX collapse, the cryptocurrency market has rebounded, with Bitcoin hovering around $51,000-$52,000. The defense may argue for a lower loss amount or even $0 if all customers and creditors are reimbursed.
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