FTX Founder Sam Bankman-Fried May Get Out Of Prison Early – Here’s How
The post FTX Founder Sam Bankman-Fried May Get Out Of Prison Early – Here’s How appeared first on Coinpedia Fintech News
Once celebrated as a crypto genius, Sam Bankman-Fried – better known as SBF – is now serving time for one of the biggest frauds in crypto history. His $11 billion FTX collapse sent shockwaves through the digital asset space.
Now sentenced to 25 years, some legal twists could see him walking free earlier than expected. Let’s break it down.
The $11 Billion FTX Meltdown: What Really Happened?
In March 2024, a jury found SBF guilty on seven counts of fraud and conspiracy. Prosecutors revealed how he and his close team funneled customer funds from FTX into his trading firm, Alameda Research.
The result? A collapse that destroyed trust in crypto markets and left investors in disbelief. It was one of the most damaging events the industry has ever seen.
What’s Prison Life Like for SBF?
SBF began his prison sentence at Brooklyn’s Metropolitan Detention Center. The conditions were rough – frequent power outages, staffing shortages, and inadequate vegan meals.
His lawyers called the conditions “inhumane.” He was moved to FCI Terminal Island in California – a lower-security prison. The new facility houses around 850 male inmates.
How He Could Get Out Earlier Than Expected
The Bureau of Prisons has now listed SBF’s expected release as December 14, 2044 – more than four years earlier than his full sentence.
Why? Federal inmates can earn up to 54 days off per year for good behavior. Additional credits come from taking part in educational and rehab programs. Plus, time spent in jail before sentencing counts too. Altogether, these could cut his 25-year term down to under 21 years.
What Caroline Ellison’s Sentence Tells Us
SBF’s former girlfriend and Alameda CEO, Caroline Ellison, also faced charges. She cooperated with authorities and received just a two-year sentence. With reductions, she could be released by May 2026.
It’s worth noting that SBF’s own bail was revoked during trial for leaking Ellison’s personal writings to a journalist – hurting his chances for leniency.
Could Trump Really Pardon SBF?
SBF reportedly seeking a pardon from President Donald Trump, with his parents lobbying Trump’s circle. Trump has pardoned crypto figures like BitMEX co-founders for violating anti-money laundering laws and Silk Road’s Ross Ulbricht, suggesting a pro-crypto stance.
Bankman-Fried lacks the crypto community’s support. His pardon bid is a long shot due to his Democratic ties and limited backing.
A Long Battle Ahead
Good conduct and credits from welfare programs may cut SBF’s jail time from 25 to 21 years. However, Trump’s pardon bid can be a tough sell.
As his legal team struggles, and scant crypto support and Democratic ties, his 25-year sentence is likely to stick, despite Trump’s crypto-friendly pardons.
