After experiencing continuous surges this month, Bitcoin has reached $69,000. Successfully reached the record of $69,000 set in November 2021.

At a moment like this, one can’t help but think of two former cryptocurrency tycoons who have been convicted, Changpeng Zhao and Sam Bankman-Fried (SBF), both of whom are currently waiting for the judge to determine their sentences.

Zhao Changpeng’s verdict is postponed, which may not be good news

According to the plea agreement reached in November last year, Zhao Changpeng posted bail for US$175 million, and the sentencing date was set for February 23 this year.

However, in mid-February this year, the Seattle Federal Court announced that it would postpone the sentencing to April 30.

Although all parties are tight-lipped about this, analysts generally believe that this may be the result of prosecutors seeking a harsher sentence. Because the plea agreement signed by Zhao Changpeng clearly included the clause that "the appeal will be waived if the sentence does not exceed 18 months." Assuming there is no attempt by prosecutors to seek a harsher sentence, the current delay cannot be explained.

At the same time, the U.S. Department of Justice is also seeking to tighten restrictions on Zhao Changpeng. Court documents released last week showed that the U.S. prosecutors applied to the court to adjust Zhao Changpeng's bail conditions, including surrendering his Canadian passport and prohibiting changing residences without permission. The prosecutor also said that pretrial services officials recommended limiting Zhao Changpeng's scope of activities and only allowing him to travel to the western region of Washington state and the area where he currently lives. Zhao Changpeng's lawyer objected.

Judge Richard Jones, who was in charge of the case, ruled in December last year that Zhao Changpeng was prohibited from leaving the country. Changpeng Zhao once wrote a letter to the judge requesting that he return to the United Arab Emirates for up to four weeks to take care of a relative and friend who was about to undergo surgery, and expressed his willingness to pledge all the shares of Binance US. The request was rejected by the judge.

SBF parents start the "Mobilization of Relatives and Friends" mode

Since Changpeng Zhao had a plea agreement, the potential prison term would not have been exaggerated. But SBF was different. The charges he faced could carry a maximum of 110 years in prison. According to court documents, a probation officer has recommended a 100-year sentence. Federal prosecutors have until March 15 to submit documents outlining their sentencing recommendations.

Faced with the prospect of decades in prison for their son, who turns 32 next week, SBF attorneys and his parents, Stanford Law School professors Joseph Bankman and Barbara Fried, are Try to "sway people" and make every effort to get a lighter sentence.

In court filings on Tuesday, Bankman's lawyers told the judge that an appropriate sentence for SBF would be between five and a half to six and a half years, calling officials' recommendation of a "100-year sentence" absurd and barbaric. . His lawyers highlighted that SBF has autism spectrum disorder and would be "particularly vulnerable" in prison.

After being convicted last year, SBF replaced its original legal team and hired Mark Mukasey, who had previously litigated against Trump. He also fought a lawsuit against Trevor Milton, founder of electric truck manufacturer Nikola, for defrauding investors. Milton was ultimately sentenced to four years in prison, far less than the 11 years requested by prosecutors.

The defense also emphasized in the document that since the conclusion of SBF's trial proceedings, FTX's bankruptcy proceedings have shown that the company was solvent at the time of bankruptcy, so the damage to customers, lenders and investors was actually zero.

At the same time, SBF's parents are also working hard to get the final verdict. In the document submitted by the defense this week, a memo submitted by 29 people was attached, praising SBF as a kind, empathetic, hard-working and selfless billionaire. Those who wrote the letter include SBF's parents, his younger brother, and many former colleagues of SBF.

Natalie Tien, who once worked as an assistant to SBF at FTX, told the media that she wrote the memo after receiving an email from SBF's parents urging him to write "from the bottom of his heart" about their son.

Outside of the court proceedings, law professor friends of SBF’s parents are also pushing the case from all aspects.

In January this year, John Donohue, a professor at Stanford University Law School, and Ian Ayres, a professor at Yale University Law School, wrote an article stating that FTX has sufficient assets to protect the interests of customers “from beginning to end.”

At the same time, Professor Jonathan Lipson of Temple University also revealed that he is cooperating with David Skeel of the University of Pennsylvania Law School to write an academic paper, the main purpose of which is to criticize Sullivan & Cromwell, the law firm responsible for FTX’s bankruptcy. In the article, the pair argued that the law firm may have distorted the criminal justice process by providing prosecutors with extensive FTX data, according to an unreleased draft.

Professor Lipson revealed that a professor from Stanford University contacted him last year and offered him the opportunity to contact SBF parents.

As for SBF himself, he has been held in the Metropolitan Detention Center in Brooklyn since his conviction. According to the latest reports, he has now shaved his head and is still in prison sharing tips on investing in cryptocurrency and giving specific investment advice to prison guards.