SBF to serve jail term in medium security prison near San Francisco, ordered to forfeit $11 Billion SBF to serve jail term in medium security prison near San Francisco, ordered to forfeit $11 Billion
Sam Bankman-Fried will also be put under a 3 year supervision upon his eventual release.
2 min read
Updated: Mar. 29, 2024 at 2:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Samuel Bankman-Fried, the former CEO of FTX, has been sentenced to serve his 24-year jail time in a medium-security prison, with a recommendation for a facility as close to the San Francisco – Bay Area as possible. This decision, made by Judge Lewis A. Kaplan during the sentencing on March 28, 2024, takes into account Bankman-Fried’s notoriety, his previous association with vast wealth, and his personal challenges, including autism and social awkwardness, which are likely to make him particularly vulnerable in a high-security prison environment.
Sam Bankman-Fried was held at the Metropolitan Detention Center (MDC) in Brooklyn, New York, prior to his trial and sentencing. The MDC is known for its stringent security measures and has faced criticism for its conditions that house both pre-trial detainees and inmates serving short sentences.
The sentencing details, as outlined in the minute entry from the proceedings, reveal a complex structure, with Bankman-Fried receiving a total of 291 months (approximately 24 years and three months) in prison. This sentence is broken down across multiple counts, with specific terms to be served concurrently and consecutively, highlighting the gravity of the charges against him.
In addition to the prison sentence, Bankman-Fried has been ordered to forfeit a staggering $11,020,000,000. This forfeiture is part of the court’s efforts to address the financial ramifications of the case, which has had a profound impact on countless investors and customers of FTX. The court declined to order direct restitution due to the complexity of the case and the vast number of victims involved. Instead, it has authorized the government to compensate victims through a remission process using the forfeited assets, a decision that illustrates the challenges in providing restitution in such a large-scale fraud case.
Furthermore, upon his release from prison, Bankman-Fried will be placed under supervised release for a term of 3 years, during which he will be required to participate in an outpatient mental health treatment program and adhere to strict financial oversight.
Bankman-Fried will be around 57 years old when he is released from prison, following his subsequent supervision, it is possible he may be able to re-enter the financial sector in some form by his 60th birthday.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
