New York – 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 “SBF,” 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’s next biggest trade platform.
But in November 2022, Bankman-Fried’s 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’s 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’s sentencing hearing, Bankman-Fried expressed regret about the organization’s demise, which also influenced numerous colleagues.
“It haunts me every single working day,” he mentioned. “I made a sequence of terrible decisions.”
But the judge stated Bankman-Fried had not completely recognized obligation.
Bankman-Fried claimed “errors ended up produced, but by no means a word of regret for the fee of a terrible crime,” explained Kaplan, who characterised the violations as “brazen” and called out SBF for his “exceptional flexibility” toward the truth of the matter.
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