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Sam Bankman-Fried Submits Appeal as FTX Reimbursement Plans Progress


Sam Bankman-Fried, the embattled founder of bankrupt crypto exchange FTX, is fighting back. On April 11, 2024, he filed a notice of appeal challenging his 25-year prison sentence.

This legal move comes amidst ongoing efforts by FTX to start reimbursing its customers.

Sam Bankman-Fried Requested to Stay in New York Instead of California

Bankman-Fried’s legal team, Mukasey Young, LLP, submitted the notice. They requested that their client stay in New York while the appeal process is ongoing.

“Mr. Bankman-Fried respectfully requests … that the Court supplement its recommendation to the Bureau of Prisons (BOP) by issuing the attached proposed order recommending that the BOP allow him to remain at the Metropolitan Detention Center in Brooklyn to facilitate to his appellate counsel pending the filing of the briefs in his anticipated appeal,” Mukasey Young wrote.

Previously, Judge Lewis Kaplan ordered Bankman-Fried to be remanded to a low or medium-security prison near his parents in California.

The electronic file for the notice of appeal was officially transmitted to the US Court of Appeals (USCA). A three-judge panel from the 2nd Circuit US Court of Appeals in Manhattan will hear the case.

On March 28, 2024, Judge Kaplan sentenced Bankman-Fried to 25 years in prison. Kaplan cited Bankman-Fried’s false testimonies about his knowledge of FTX customer deposit misuse. Further, Kaplan pointed to Bankman-Fried’s witness tampering attempts, which exacerbated his legal troubles.

While Bankman-Fried’s legal battle continues, separate efforts to reimburse FTX’s affected customers progress. BeInCrypto reported that FTX plans to begin repayments by late 2024.

Additionally, on April 5, 2024, FTX administrators liquidated a significant portion of the company’s Solana (SOL) holdings. This sale, encompassing 25-30 million SOL tokens from a larger $2.6 billion cache, raised nearly $1.9 billion. The tokens were sold at a 60% discount, fetching $64 each. The sale attracted notable firms, from Galaxy Trading to Pantera Capital.

The proceeds from this sale may aid in future customer reimbursements. However, the timeline for repayment remains uncertain as legal challenges persist.

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Conclusion

In conclusion, Sam Bankman-Fried, the founder of FTX, is challenging his 25-year prison sentence by filing a notice of appeal. His legal team has requested for him to remain in New York during the appeal process. The case will be heard by a three-judge panel from the 2nd Circuit US Court of Appeals in Manhattan. Meanwhile, efforts to reimburse FTX’s affected customers are progressing, with plans to begin repayments by late 2024. Additionally, FTX sold a significant portion of its Solana holdings to raise funds for potential customer reimbursements. Despite ongoing legal challenges, the timeline for repayment remains uncertain.

  • bitcoinBitcoin (BTC) $ 66,215.00
  • ethereumEthereum (ETH) $ 3,507.48
  • bnbBNB (BNB) $ 606.09
  • solanaSolana (SOL) $ 144.75
  • xrpXRP (XRP) $ 0.477149
  • cardanoCardano (ADA) $ 0.412063
  • shiba-inuShiba Inu (SHIB) $ 0.000021
  • polkadotPolkadot (DOT) $ 6.17