Sam Bankman-Fried, commonly known as SBF, is a prominent figure in the cryptocurrency industry and the former CEO of FTX, a major cryptocurrency exchange which failed in 2022. His rise to fame was meteoric, as he quickly became a billionaire through his ventures in the rapidly evolving world of digital currencies. However, Bankman-Fried’s reputation took a drastic turn when FTX filed for bankruptcy in November 2022, amidst allegations of financial mismanagement and fraud. Investigations revealed that FTX had been using customer funds to cover losses incurred by Alameda Research, a trading firm also founded by Bankman-Fried. This led to a cascade of legal troubles, including charges of fraud, money laundering, and violating campaign finance laws, painting a picture of a significant breach of trust in the cryptocurrency market. He is reportedly writing a book while incarcerated, which would undoubtedly be a popular read given the high-profile nature and wild ride of FTX.
SBF was found guilty on seven counts of fraud and conspiracy in November 2023. He is scheduled to be sentenced on March 28, 2024, after Binance CEO Changpeng Zhao is scheduled to be sentenced. It is widely expected that he will receive a sentence longer than that imposed on Elizabeth Holmes, who was sentenced to 11-years and three months in prison and will ultimately serve approximately 78.75 months. Some media estimates claim Bankman-Fried will serve more than ten years in prison.
Ahead of his sentencing, here are some notes to consider regarding how much time Sam Bankman-Fried will spend in prison, in accordance with our guide on how much time one can expect to serve in federal prison:
- Bankman-Fried has been incarcerated during his trial and before sentencing so he will earn credit for those weeks and months served (a silver lining to his not being able to prepare for prison camp at home ahead of a self-surrender, like most).
- Bankman-Fried is eligible to receive Good Time Credits.
- Bankman-Fried will be eligible for First Step Act Earned Time Credits, pending his participation in evidence-based recidivism reduction programming.
- It is not clear whether Bankman-Fried will be eligible to participate in the Residential Drug Abuse Program (RDAP), as it is not clear whether he abused substances during the period of his offense conduct.
- A sentence (net of his Good Time Credits) greater than ten years would mean Bankman-Fried would not begin his sentence at a minimum security camp.
This post will be updated following Bankman-Fried’s sentencing in March 2024.