Home
News
- 1 Sam-Bankman’s trial is to start on October 4, 2023.
- 2 There are a total of seven charges against Bankman of which two are of wire fraud and five are of conspiracy.
The trials of Sam-Bankman Fried, once known to be the “crypto king” or “golden boy” of crypto, are around the corner. The jury is scheduled to be formed on October 3 and the trial is going to commence from October 4. As the case is likely to see the most awaited development with the hearing against SBF, many are curious about the maximum sentence he can get.
Since the start of the case, the number of charges against SBF has been erratic as they changed with time. Initially, there were twelve charges brought against him which later rose to thirteen in the coming months. But with the later development, the allegations now dropped to seven including two charges of wire fraud and another five of conspiracy.
Sam Bankman-Fried pleaded not guilty to all the charges brought against him since the charges were filed.
While on the question of the maximum sentence Bankman-Fried can get if proven guilty, the answers are not varied. Among different numbers of years of sentencing, 100 to 115 years of imprisonment is what can be expected if proven guilty of all the seven charges against him. If the sources citing that the court is not going to be soft on SBF, are considered to be true, the road ahead is not going to be an easy one for the FTX founder.
Prosecutors Seeks Strong Case Against Sam-Bankman Fried
Though nothing can be claimed right now as the trials are to start in the first week of October, prosecutors’ filings can bring some key insights into what could be expected. Prosecutors clearly noted that Sam-Bankman Fried lied about claims he and his founded crypto exchange company FTX made before filing for bankruptcy.
According to the filings, the claims of consumer protection were false. And saying that the Bahamian crypto company is aware and hence working to avoid or manage the potential “conflict of interest” was everything but a lie.
One of the fascinating claims that prosecutors filed was excruciating FTX’s claim of Alameda Research not having access to the crypto exchange’s funds. The claims were lie as filings noted that there was a special feature over the platform through a code that made the trading firm access the funds belonging to FTX consumers. SBF was very well aware of all this and it was happening after his consent.
Then there comes the claims of Sam-Bankman Fried using the users’ funds for personal expenses, buying expensive real-estates, trading, etc.
Out of seven charges against SBF, prosecutors will need to prove the involvement of FTX’s former CEO in two wire fraud charges that took place in the company. Along with this, they will also be required to submit proof to confirm that he had plans to commit the other illicit activities that counted to be five as per the charges.
Short Tale Of FTX’s Success and Fall
FTX was among one of the successful crypto exchanges founded in 2019. It achieved great success in terms of trading volume and accumulating customers worldwide within much less time. For a raw truth, SBF used to be a successful arbitrage crypto trader and ran his trading firm Alameda Research.
With the volume of trading going bigger and experiencing friction in dealing with other crypto exchanges, Bankman-Fried decided to found his own crypto exchange. The thought later became FTX, the crypto exchange which was valued at a whopping $32 Billion before the explosion in November 2022.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
