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It's sentencing day for Sam Bankman-Fried

Business Insider · 1y

Disgraced crypto executive Sam Bankman-Fried is set to be sentenced today, facing charges of fraud and conspiracy. While prosecutors are pushing for a possible 50-year prison term, his lawyers are asking for 6 1/2 years. Meanwhile, customers who lost billions with the downfall of FTX may have their money fully refunded, according to an FTX debtor lawyer. However, the refund would be based on the value of assets at the time of FTX's bankruptcy, resulting in potential losses due to the significant increase in bitcoin's price since then.