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Sam Bankman-Fried Asks To Stay in Brooklyn Jail For Appeal

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Sam Bankman-Fried Asks To Stay in Brooklyn Jail For Appeal 

iexclusivenews – Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, has made headlines once again.

Following a 25-year sentence for his role in one of the most dramatic collapses in crypto history, Bankman-Fried has filed a request to remain in a Brooklyn detention center during his appeal process.

The Appeal Strategy

In a recent legal maneuver, Bankman-Fried’s attorneys submitted a plea to Judge Lewis Kaplan of the Southern District of New York.

The request, dated April 8, seeks permission for Bankman-Fried to stay at the Metropolitan Detention Center in Brooklyn.

This strategic move is aimed at ensuring proximity to his appellate lawyers, which his defense team argues is crucial for an effective appeal.

READ MORE:

Sam Bankman-Fried Receives 25-Year Sentence for FTX Fraud

Sam Bankman-Fried To Be Sentenced For FTX Fraud 

 The Path to Sentencing

Before his sentencing on March 28, Bankman-Fried’s legal counsel, led by attorney Marc Mukasey, had already signaled intentions to challenge the conviction on seven felony charges.

Despite the absence of an official appeal filing at the time of reporting, there’s speculation that good behavior could potentially reduce Bankman-Fried’s prison term.

The Initial Verdict

The initial ruling placed Bankman-Fried in a medium- or low-security facility in the San Francisco Bay Area, a decision influenced by the proximity of his family.

Before his bail was revoked in August 2023, Bankman-Fried was under house arrest at his parent’s residence near Stanford University.

Voices from the Trial

Following his sentencing, Bankman-Fried expressed disbelief over the legality of his actions, stating, “I never thought what I was doing was illegal.”

His trial was a rare instance where a key figure in the FTX and Alameda Research debacle chose to plead not guilty and face a jury trial.

Co-Defendants’ Fate

Bankman-Fried’s co-defendants, including Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame, took plea deals after admitting guilt in the case. Salame’s sentencing is set for May 28, while the dates for Wang, Ellison, and Singh remain uncertain.

In a related case, Changpeng Zhao of cryptocurrency exchange Binance awaits sentencing on April 30 after pleading guilty to a felony charge.

This unfolding saga continues to captivate the crypto world, as it awaits the outcomes of the appeals and sentencings that could reshape the landscape of cryptocurrency regulation and accountability.

 

 

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