Disgraced former crypto tycoon Sam Bankman Freed, sentenced to 25 years in prison for leading a massive fraud, says in his first interview from prison that he broke the law. He claimed that he did not believe that, but admitted that there was no violation of the law.
“I had no idea that what I was doing was illegal,” Bankman Freed said. ABC News on sunday. “But I tried to hold myself to high standards, and I certainly didn’t meet those standards.”
He also spoke after District Judge Louis Kaplan said during Bankman-Fried’s sentencing Thursday that Bankman-Fried was “completely devoid of any true remorse.” “Of course,” he said from his jail cell, he was remorseful.
“I have heard and seen the despair, frustration and betrayal of thousands of customers. They deserve to be paid in full at the current price,” Bankman Freed told ABC.
“It could and should have happened in November 2022, and it could and should happen today. It’s excruciating to watch them wait every day.”
He added that his colleagues “felt the pain” as they “threw away something they had poured their lives into” and that charities he supported “feel the pain” because “funding has turned into reputational damage”. I felt that,” he added.
Some former Bankman Freed employees have admitted they have struggled to find work again and battled depression since FTX’s staggering drop from its peak valuation of $40 billion.
“Every day I think about what has been lost,” Bankman-Fried added in a communication with ABC. “I never intended to hurt anyone or take anyone’s money. But I am the CEO of FTX and I was responsible for what happened to the company,” he said. And when you take responsibility, it doesn’t matter why it got worse.”
“I would give anything if I could repair some of the damage. I’m doing the best I can from prison, and it’s very frustrating that I can’t do more.”
FTX’s sudden collapse in November 2022 is thought to have caused more than 1 million customers to suffer losses. The collapse came after it was revealed that Bankman Freed misappropriated FTX users’ funds to cover $8 billion in debt at its sister company and hedge fund Alameda, which went bankrupt. the study.
Mr. Bankman Fried was subsequently convicted of seven counts of fraud, conspiracy, and money laundering in connection with the company’s bankruptcy.
Victims say they still owe more than $19 billion based on current cryptocurrency prices. Bankman Fried told ABC that these debts “would have been paid off a long time ago,” but the company has decided not to reopen the FTX exchange, potentially leading to long-term value. He claimed that there was sex.
“We have and continue to have a wealth of assets that will allow us to repay our customers, lenders and investors in full at current or then-current prices,” he said, according to ABC.
Bankman Fried made a similar argument in court, insisting that the law firm Sullivan & Cromwell, which represents FTX’s new ownership, is cooperating with prosecutors.
However, this charge was dismissed by the judge, who said in sentencing: “Defendants’ assertion that FTX’s customers and creditors will be paid in full is misleading. It is logically flawed and speculative.”
Bankman Freed told the ABC: “Fundamentally, the role of Mr Salkrom in the prosecution, the one-sided media frenzy they instigated, and the incompetence of the defense which prevented them from obtaining key evidence at trial. , which affected the entire process.”
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According to ABC, Bankman Freed also suggested that he should have been entitled to see FTX’s Sullivan and Cromwell documents with prosecutors and that he was not given a fair trial.
Bankman Fried detailed trial testimony in which the defense team “grossly misrepresented what actually happened,” and that the defense “introduced key evidence or withheld key evidence.” He said he plans to appeal his 25-year sentence later this year based on the fact that he was not authorized to do so. I am a witness,” he told the press.
The disgraced crypto boss could not elaborate on his defense team’s legal strategy.
Judge Kaplan also ordered Bankman Freed to repay more than $11 billion to FTX users, investors, and lenders.
