Sam Bankman-Fried has appealed his 25-year prison sentence for one of the worst financial frauds in recent history. He was found guilty by a jury in November of all seven counts against him in a trial after which New York prosecutor Damian Williams requested between forty and fifty years.
In addition to the 25 years of imprisonment, "SBF" was imposed a sanction of 11 billion dollars - which could be used to compensate for possible customer losses. The former student of the Massachusetts Institute of Technology (MIT) was never accused of personal enrichment and kept, until the end, most of his fortune in FTX shares, the value of which evaporated. He used the assets of customers of its digital currency exchange platform FTX, to carry out risky transactions via its sister company Alameda. Subject to massive withdrawal requests from panicked customers, FTX imploded in November 2022. At the time of its bankruptcy filing, around $9 billion was missing. The group's liquidators have already recovered about $6.4 billion in cash and plan to fully reimburse injured customers.