"Hillsborough native Sam Bankman-Fried became the face of cryptocurrency fraud in late 2022 when his crypto platform FTX collapsed financially, and he was arrested on fraud and money laundering charges. The CEO and founder known by his initials SBF was found guilty on seven counts of fraud for disappearing about $10 billion in customer funds into the company's separate hedge funds to blow on real estate and other crypto investments, and was sentenced to 25 years in prison in early 2024."
"And Bankman-Fried had to be seething last month when President Trump pardoned his fellow crypto money-launderer Changpeng CZ Zhao of the rival platform Binance. Zhao's Binance had just poured $2 billion into Trump's sham crypto firm, making the whole transaction a pretty obvious bribe. I'm still shocked that stories like this which come out daily still get largely ignored. The most corrupt person to ever hold any public office in US history. I will keep posting them every day and try to amplify them, even when most media doesn't care."
Sam Bankman-Fried is pursuing appeals and a new trial on all fraud counts that produced a 25-year prison sentence. His parents are actively seeking a presidential pardon on his behalf. Bankman-Fried was convicted on seven counts for diverting about $10 billion in customer funds from FTX into separate hedge funds and into real estate and other crypto investments. The conviction led to a 25-year sentence in early 2024. Appeal hearings are underway while Bankman-Fried is unlikely to attend in person. His appellate counsel, Alexandra Shapiro, is representing him and his lawyers contend he did not receive a fair trial. The case sits alongside controversy over a presidential pardon for Binance CEO Changpeng “CZ” Zhao after a $2 billion transfer into a Trump-associated crypto venture.
Read at sfist.com
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