FTX founder Sam Bankman-Fried announced through his lawyer on Thursday that he will appeal his conviction. Bankman-Fried was convicted of large-scale fraud at the end of last month. The judge sentenced him to 25 years in prison.
Lawyer Marc Mukasey had previously announced plans to appeal. However, on Thursday, Bankman-Fried officially appealed his ruling, Reuters writes. The former CEO still maintains that it was never his intention to steal from or defraud his customers. It is not known how long the appeal will take. Due to the size of the case, it may take years before a new ruling is made.
At the end of March, the former FTX CEO was sentenced to 25 years in prison. Prosecutors initially asked for 40 to 50 years in prison, while Bankman-Fried's lawyers asked for more than 5 years. The judge found it proven that Bankman-Fried had transferred $8 billion from FTX to his investment fund Alameda Research. At the end of 2022, FTX was found to lack liquidity when a large number of customers attempted to withdraw funds. Shortly afterwards, the platform filed for bankruptcy and was found to have committed large-scale fraud. In December 2022, the former CEO was arrested in the Bahamas.
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