In an exclusive interview with ABC News, former crypto entrepreneur Sam Bankman-Fried expressed deep remorse for his actions, which resulted in a 25-year prison sentence for fraud just last week.
“It’s most of what I think about each day,” Bankman-Fried told ABC News.
The sentence marks the end of a 17-month saga that began in November 2022 when FTX, a global cryptocurrency exchange he co-founded and served as CEO, suffered a catastrophic collapse, resulting in an $8 billion loss for its customers. Bankman-Fried resigned amid the company’s downfall, and subsequent investigations revealed allegations of embezzlement, with prosecutors claiming he diverted funds for political contributions, investments, and personal gain. Last fall, he was convicted on seven counts of fraud, conspiracy, and money laundering, ultimately leading to his sentencing.
Reflecting from the Metropolitan Detention Center in Brooklyn via email, Bankman-Fried admitted that FTX’s insolvency was the outcome of several “bad decisions” he made in 2022.
“I never thought that what I was doing was illegal. But I tried to hold myself to a high standard, and I certainly didn’t meet that standard,” he confessed to ABC News.
During the sentencing, U.S. District Judge Lewis Kaplan criticized Bankman-Fried’s lack of remorse and noted his evasiveness, stating that his testimony contained perjury. Bankman-Fried, however, insisted that he is remorseful, acknowledging the pain and suffering of thousands of customers left in despair by FTX’s collapse.
“I’ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers; they deserve to be paid in full, at current price,” he lamented.
Bankman-Fried also expressed sorrow for the repercussions on his former colleagues and the charities he supported, emphasizing his daily struggle with the loss incurred and his earnest desire to alleviate the damage caused.
In his defense, Bankman-Fried asserted that had FTX been allowed to restart operations under his or another employee’s leadership, customers would have been reimbursed long ago. He attributed the failure to resume operations to the decision-making of the company’s new management.
Looking ahead, Bankman-Fried hinted at plans for an appeal, citing trial testimony that he claimed misrepresented events and the exclusion of crucial evidence. However, he refrained from providing specifics, citing the ongoing legal proceedings.
Following his sentencing, Bankman-Fried declared in court that he had “lost everything” and expressed a yearning to make a positive impact on the world, despite his incarceration.
The post Sam Bankman-Fried Expresses Remorse Over 25-Year Fraud Sentence appeared first on International Business Times.
