FTX Founder Sam Bankman-Fried’s First Photo From Jail Surfaces

Paigambar Mohan Raj
FTX’s SBF Hopes to Start a Business to Pay Back FTX Victims
Source: ABC News

Sam Bankman-Fried (SBF), the founder of the now-defunct crypto exchange FTX, was convicted of fraud in November 2023. In a recent post on X, journalist Tiffany Fong shared the first picture of SBF in jail at MDC Brooklyn. According to Fong, she got the picture from prison inmates. The photo is from Dec. 17, 2023, a month after SBF’s conviction.

Fong has censored the faces of other inmates, except for SBF and G Lock. According to Fong, she had interviewed G Lock in the past and thus left his face uncensored. Additionally, Fong says G Lock is a former member of the Blood gang.

Also Read: FTX Expects to Repay Crypto Customers in Full

FTX founder to receive a lighter sentence?

Source: Reuters

The FTX debacle is one of the biggest financial frauds in recent history. Founder SBF’s sentencing will take place on Mar. 28, 2024. District Judge Lewis A. Kaplan will head SBF’s sentencing. However, there is a lot of talk about SBF potentially receiving a lighter sentence. According to reports, the lighter verdict could be due to FTX’s plans to repay customers.

The cryptocurrency market has seen a significant rebound since the FTX collapse, with Bitcoin (BTC) hovering between $51,000 and $52,000, a level last seen in 2021. Moreover, the market rebound will play a significant role as restitution can be taken into account for sentencing.

Also Read: DOJ Charges Three for $400 Million SIM Swap Heist Against FTX

According to Jordan Estes, a high loss would have led to a 20-year imprisonment sentence or even life. Estes stated, ‘I would expect the loss amount to be hotly contested at sentencing.

Estes further added, ‘In particular, the defense may argue for a substantially lower loss amount, or even a loss amount of $0, if all customers and creditors will be made whole.