Sam Bankman-Fried, often referred to as SBF, is a notable figure in the cryptocurrency community and the former CEO of FTX, a prominent cryptocurrency exchange that went under in 2022. His rapid rise to wealth and prominence in the cryptocurrency world was nothing short of astonishing. However, Bankman-Fried’s reputation was severely tarnished when FTX went bankrupt in November 2022, on the heels of allegations of financial misconduct and fraudulent activities. Investigations revealed that FTX had been siphoning off client funds to offset the losses of Alameda Research, another venture initiated by Bankman-Fried. This disclosure led to a string of legal problems for him, including convictions for fraud, money laundering, and violation of campaign finance laws.
SBF was found guilty on seven counts of fraud and conspiracy in November 2023. On March 28, 2024, Sam Bankman-Fried was sentenced to 20 years in federal prison.
Calculating How Much Time Sam Bankman-Fried Will Actually Serve
- Starting Point: 300 months
- Less Good Time Credits of 45 months (equal to 15% of his total sentence), which brings his new total to 255 months
- Less First Step Act Credits of 12 months (which he will earn for working and participating in recidivism programming), which brings his new total to 243 months
- Less Residential Drug Abuse Program credits of 12 months (which he will likely participate in and earn due to his history of prescription drug abuse), which brings his new total to 231 months
- Less credit for time served between August 11, 2023 (when his bail was revoked) and March 28, 2024 (when he was sentenced), totaling 230 days or approximately 7.5 months, which brings his new total to 223.5 months.
Bankman-Fried will likely be recommended for the maximum amount of time for residential reentry (which can constitute time in a halfway house or home confinement) which is, in his case, 12 months.
When Will Sam Bankman-Fried Return Home from Prison?
All told, it should be expected Sam Bankman-Fried will serve about 223.5 months in federal prison and transfer to the halfway house around November 11, 2042. He will then serve 12 months in the halfway house or (most likely) on home confinement and be released from Bureau of Prisons custody in November 2043.
Ways Sam Bankman-Fried’s Expected Sentence Can Change
There are a number of ways this calculation can change, both against his wishes and in his favor.
- SBF may lose Good Time Credits or First Step Act Credits due to disciplinary action.
- SBF may not gain entry into the Residential Drug Abuse Program or he may fail to complete the program. In either case, he would not earn those 12 months of credit.
- SBF may file and earn Compassionate Release, which can be granted by his sentencing judge under certain circumstances. This is a long-shot but may be considered after the majority of his sentence has been completed.