Staring down a jury, the wheels of justice are set to churn over the fate of Sam Bankman-Fried, known in crypto circles as the once “golden boy”. Bankman-Fried is due to stand trial for his role in the collapse of his renowned crypto exchange, the potential implication of troublesome misfortune could manifest in a maximum sentence of 115 year prison term. The crypto figure suffered an astonishing public fall from grace when his exchange and its sister hedge fund collapsed and declared bankruptcy, leaving behind a substantive $10 billion void.
Coming under scrutiny for fraud allegations, the prognosis sways to the unfavorable side for Bankman-Fried. Some experts predict a life behind bars if the court rules against him, with the court mainly focused on the weightiness of the offence and the defendant’s behavior during trial proceedings. Claims of stealing billions and attempts to erase traceable evidence would tilt the odds further against him.
Bankman-Fried faces an impending seven-fold of charges, where the government shoulders the burden of proof to establish his guilt beyond doubt. Included in the charges are wire fraud against his customers and Alameda Research lenders, conspiracy against FTX investors, wire fraud on FTX customers and even a charge of money laundering to veil the proceeds. The court, having some discretionary power, may exercise leniency during sentencing, should Bankman-Fried maintain a cooperative demeanor. However, allegations of witness tampering may hamper his chance of a lighter sentence.
Citizens might wonder how the legal proceedings could result in a favorable outcome for Bankman-Fried. His likely legal defense might be to shrug off the white-washed image and don the mantle of a scapegoat, swayed by those in his circle who have pleaded guilty. There could be attempts to project him as impressionable, quirk-filled and inept in the crypto regulations. A portrayal of other major crypto custodians falling into similar patterns as FTX could be incorporated into his defense to strengthen his claim of being naive towards crypto regulations.
Nonetheless, convincing a jury of his innocence may be a herculean task. Even if there might be shadowy fragments of truth in his defense, it’s doubtful if the jury might overlook the actions that led to the loss of billions and view him as a victim of his own success. The court proceedings of a once high-riding crypto figure now embroiled in a tangle of allegations indeed draws a riveting, if perilous perspective on the irony of the cryptoverse.
Source: Cointelegraph
