Sam Bankman-Fried Seeks 6.5-Year or Less Prison Time in FTX Fraud Case Ahead of Sentencing

• SBF was found guilty of all the fraud charges and is currently awaiting final sentencing.
• The SBF legal team is currently fighting for the former FTX CEO to get lower sentencing due to his charitable deeds to society.

The final sentencing fate for the former FTX CEO Sam Bankman-Fried is upon the United States District Judge Lewis Kaplan. The 31-year-old former crypto leader is, however, not willing to go down without a fight for lower sentencing. Furthermore, history shows that the US justice system has been brutal to crypto-related crimes.

For instance, Silk Road founder Ross Ulbricht is still fighting for unconditional release nearly 10 years later after he was sentenced to life imprisonment without parole. 

As a result, SBF is fighting to use all the favors he had accumulated during his tenure to secure less severe sentencing. As Crypto News Flash reported, the SBF legal team is working hard for an appeal after opting not to pursue any post-trial appeals.

SBF Attorneys Fight for Less Severe Sentencing

On Tuesday, the SBF’s attorneys made their recommendations to the US District Judge Kaplan in a 98-page memo ahead of the March 28 sentencing. According to the attorneys, the Judge should sentence SBF to a prison term of between 63 and 78 months due to his charitable deeds across the world during his tenure. 

Under the federal sentencing guidelines, the SBF lawyers argued that the Judge should take into account Sam’s charitable works and demonstrated commitment to others. Furthermore, the memo to the Judge highlighted several recommendations from SBF’s supporters including his parents, and public health advocates from Africa.

In addition, SBF’s father Joseph Bankman argued that his mental health issues are enough not to put him in the same prison as hardcore criminals already convicted of murder. 

“Sam has struggled throughout his life to learn and control things most of us take for granted, such as eye contact, small talk, and responding to social cues,” Bankman wrote.

The SBF lawyers also urged the Judge not to order him to pay restitution or forfeit any assets, highlighting that the FTX customers and creditors will be fully compensated through the recovered assets. Meanwhile, the prosecutors have until March 15 to file their official response to the memo.

FTT Future Gets Glimmer

The complexity of the FTX and Alameda bankruptcy case has weighed heavily on the FTT token amid the ongoing crypto bullish outlook. According to the latest market data, the FTT token has dropped about 36 percent in the past four weeks to trade around $1.75 on Wednesday. 

In comparison, most of the altcoins have already gained around 50 percent during the same period. The low demand for FTT tokens due to lack of utility and active development and future growth prospects have weighed heavily on the altcoin.

As of this report, the FTT token had a fully diluted valuation of around $577 million and an average daily trading volume of about $26 million. The possible reboot of the FTX exchange has kept the FTT token with a small community of speculators.