FTX founder Sam Bankman-Fried, former chief, formally appealed the fraud case.
Sam Bankman-Fried, also known as SBF, the founder of FTX. Later, FTX had problems, and SBF was sentenced to 25 years in prison for defrauding users. The verdict was made by a US judge on March 28. SBF had said before that he would appeal, but this time he really appealed.
In court, the judge felt that SBF lied when testifying and did not answer questions, and was very dissatisfied with him. SBF, however, said that he was sorry for the financial losses suffered by FTX users due to the collapse of the exchange, and as a CEO, he also had responsibilities. He also said that he would try his best to make up for these losses, but in prison, there was very little he could do.
SBF also mentioned his concerns about the fairness of the case, especially that there was a law firm that did not allow him to see important FTX documents. He felt that this was not good for him and the media to find evidence.
Although he was sentenced, SBF did not give up, and he continued to appeal, hoping to reduce his sentence. He said that he had no chance to provide key evidence and summon important witnesses in prison. He is now being held in a detention center in Brooklyn, and hopes to remain there during his appeal.
SBF's appeal has also attracted attention, and the price of FTX's native token FTT has risen a bit. It is not clear how the US government will respond to the appeal and what SBF's legal team will do.
