By
Bhushan Akolkar
April 26th, 2024
As legal battles unfold, Former FTX CEO Sam Bankman-Fried speaks out from his jail cell, expressing remorse for his actions and admitting to making “bad decisions” that left customers waiting.
Sam Bankman-Fried (SBF), the recently sentenced former CEO of the now-defunct crypto exchange FTX, has expressed remorse for his actions. Last Thursday, the US District Judge Lewis Kaplan delivered a resounding judgement, sentencing him to 25 years in prison for seven counts of fraud and conspiracy charges.
However, while the crypto community received the sentencing with mixed reactions, what surprised most observers was how Bankman-Fried remained stoic and seemingly unrepentant. So much so that Judge Kaplan even had to point out during his sentencing that Bankman-Fried “never uttered a word of remorse for his terrible crimes”. It was a moment that left keen observers wondering whether the once-glorified crypto mogul would ever acknowledge the gravity of his actions.
Bankman-Fried Shows a Change of Heart
In an exclusive interview with ABC News, Bankman-Fried has now revealed a side that many have been waiting to see. Speaking from his jail cell at the Metropolitan Detention Centre in Brooklyn, he said that he didn’t at any point in time think that what he was doing was illegal. Part of his statement read:
“I tried to hold myself to a high standard, and I certainly didn’t meet that standard.”
In what may be the consequence of the reality of his 25-year sentencing, Bankman-Fried has admitted that the insolvency of FTX now weighs heavily on his conscience.
He recounted making several “bad decisions” in 2022. According to him, those decisions meant that customers who could have been paid at the time were left waiting day after day. He said in part:
“I’ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers; they deserve to be paid in full at the current price.”
Meanwhile, it appears that Bankman-Fried’s remorse also extends beyond legalities. He claims to be haunted by what has been lost, adding that he never set out to harm anyone or misappropriate funds. Yet, he admits that taking responsibility for the company’s fate is part of his job description, which he would gladly do anyway he can.
Legal Battles and Liquidation
Following last week’s sentencing, the defense team of Bankman-Fried has announced that they’ll try to appeal the verdict. They believe that there is a general misconception about their client being that certain trial testimony “greatly misstated what actually happened. To this end, they hope to mitigate further damage to his reputation and hopefully arrive at a reduced sentencing.
Meanwhile, FTX lawyers are grappling with a different challenge. They advocate for the liquidation of SBF coins, a certain set of tokens that have a direct link to Sam Bankman-Fried. The tokens include DeFi brokerage Oxygen (OXY), decentralized exchange Serum (SERUM), the native token of Maps (MAPS), and Boba (BOBA).
As Coinspeaker earlier reported, FTX lawyers argued in a court hearing on March 26th that the tokens should have been severely depreciated or declared worthless during the bankruptcy process. Although the Delaware bankruptcy judge John Dorsey is yet to value the SBF coins, liquidating the assets could provide restitution to affected parties and potentially salvage some of the company’s reputation.
As legal battles continue to unfold, the crypto community keenly watches on, waiting to see the fate of Bankman-Fried, a once-prominent figure now humbled by the consequences of his actions.