|
|
In July of last year, FTX's global customers had outstanding debts of up to $8.7 billion, and in November of the same year, FTX CEO SBF (Sam Bankman-Fried) was found guilty of seven charges, including fraud and money laundering, major financial crimes. However, with the significant rebound in the cryptocurrency market since 2023, many unfortunate creditors may have the opportunity to fully recover the funds they had once locked in, although calculated at November 2022 prices.
Estes, a former Assistant U.S. Attorney, expressed to Coindesk that there will likely be intense disputes during the sentencing regarding the amount of customer losses. SBF's lawyers may argue for zero losses on the part of the clients, especially given the market recovery in the cryptocurrency space. The FTX legal team is expected to argue for a lower or even zero-dollar loss amount. This dispute will be a focal point during the trial, as the compensation amount directly affects the potential sentence that SBF may face.
According to legal expert Jordan Estes' analysis, the substantial growth in the cryptocurrency market over the past year holds significant relevance for sentencing. Sentencing guidelines suggest that for low losses, the sentence range is 24 to 30 months, while high losses could lead to severe sentences, possibly exceeding 20 years or even life imprisonment.
However, it's crucial to note that U.S. sentencing guidelines typically favor defendants only when restitution to victims occurs before the discovery of the crime. In the FTX case, compensation took place long after the discovery of the crime, and it was not directly returned by SBF himself. This factor may impact the final judgment. |
|
Post time 26-2-2024 21:02:34