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The scheduled sentencing hearing for Sam Bankman-Fried, set for March 28, is under scrutiny amidst reports of a significant surge in Bitcoin’s value, the Financial Times has reported.
The FT reports that the hearing may be affected by a significant increase in the value of Bitcoin. Not only this, Bankman-Fried’s lawyers argue that the cryptocurrency’s resurgence mitigates financial losses.
Crypto fraudster Bankman-Fried faces sentencing
Disgraced cryptocurrency wunderkind Sam Bankman-Fried is set to be sentenced Thursday following his conviction in one of the biggest financial fraud cases in history.
US prosecutors are seeking a prison term of 40-50 years after a New York jury found Bankman-Fried, known by his initials SBF, guilty in November following a five-week trial that probed the one-time high roller’s spectacular fall.
Calling Bankman-Fried’s seven-count conviction reflective of the defendant’s “unmatched greed and hubris,” the government’s sentencing request argues for significant jail time in light of fraud it estimates at more than $10 billion.
Moreover, a lengthy sentence is necessary to “protect the public,” argued US Attorney Damian Williams, who characterized Bankman-Fried as an “adept” spin doctor capable of additional malfeasance.
Read More: Will Sam Bankman-Friedʼs sentencing affect Bitcoin prices amid crypto fraud allegations?
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