Judgment Day for Sam Bankman-Fried
Today, March 28th at 9:30 AM EST, a sentencing hearing for Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, is scheduled to take place in the Federal Court building in downtown Manhattan.
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Today, March 28th at 9:30 AM EST, a sentencing hearing for Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, is scheduled to take place in the Federal Court building in downtown Manhattan.
His defense team has suggested a six-year imprisonment term, arguing that FTX creditors are likely to recuperate a significant portion of their funds.
Prosecutors, however, are advocating for a much stiffer penalty, recommending a sentence of 40 to 50 years and deeming the defense's proposal insufficient.
A CNBC journalist, having spoken to both federal prosecutors and defense lawyers, reports that the judge is expected to find a middle ground, potentially settling on a 20 to 30-year prison term for Bankman-Fried.
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