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Sam Bankman-Fried appeals fraud conviction, 25-year jail term

New York &#8211 Fallen cryptocurrency wunderkind Sam Bankman-Fried has appealed his federal conviction and 25-calendar year jail sentence in a sweeping fraud circumstance, according to a lawful filing produced community Thursday.

Information of the appeal comes two weeks following US District Court docket Decide Lewis Kaplan established the prison phrase and requested Bankman-Fried, identified as &#8220SBF,&#8221 to spend $11 billion in forfeiture.

Bankman-Fried experienced soared to the major of the crypto world, getting to be a billionaire before age 30 and turning FTX, a modest start-up he cofounded in 2019, into the earth&#8217s next biggest trade platform.

But in November 2022, Bankman-Fried&#8217s breakneck increase arrived crashing down, with a deluge of customer withdrawals and revelations that billions of bucks experienced been illegally moved from FTX to Bankman-Fried&#8217s personalized hedge fund, Alameda Exploration.

He was convicted by a federal jury in New York in November 2023 on 7 counts of fraud, embezzlement and prison conspiracy. 

During past month&#8217s sentencing hearing, Bankman-Fried expressed regret about the organization&#8217s demise, which also influenced numerous colleagues.

&#8220It haunts me every single working day,&#8221 he mentioned. &#8220I made a sequence of terrible decisions.&#8221

But the judge stated Bankman-Fried had not completely recognized obligation.

Bankman-Fried claimed &#8220errors ended up produced, but by no means a word of regret for the fee of a terrible crime,&#8221 explained Kaplan, who characterised the violations as &#8220brazen&#8221 and called out SBF for his &#8220exceptional flexibility&#8221 toward the truth of the matter.

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