New York:
Fallen cryptocurrency wunderkind Sam Bankman-Fried has appealed his federal conviction and 25-year jail sentence in a sweeping fraud case, based on a authorized submitting made public Thursday.
Information of the attraction comes two weeks after US District Court docket Choose Lewis Kaplan set the jail time period and ordered Bankman-Fried, generally known as “SBF,” to pay $11 billion in forfeiture.
Bankman-Fried had soared to the highest of the crypto world, changing into a billionaire earlier than age 30 and turning FTX, a small start-up he cofounded in 2019, into the world’s second largest trade platform.
However in November 2022, Bankman-Fried’s breakneck rise got here crashing down, with a deluge of buyer withdrawals and revelations that billions of {dollars} had been illegally moved from FTX to Bankman-Fried’s private hedge fund, Alameda Analysis.
He was convicted by a federal jury in New York in November 2023 on seven counts of fraud, embezzlement and felony conspiracy.
Throughout final month’s sentencing listening to, Bankman-Fried expressed remorse in regards to the agency’s demise, which additionally affected many colleagues.
“It haunts me day by day,” he stated. “I made a sequence of dangerous choices.”
However the decide stated Bankman-Fried had not absolutely accepted duty.
Bankman-Fried stated “errors have been made, however by no means a phrase of regret for the fee of a horrible crime,” stated Kaplan, who characterised the violations as “brazen” and referred to as out SBF for his “distinctive flexibility” in the direction of the reality.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
