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First Photo of Sam Bankman Fried in Jail Released; Convicted Crypto Fraudster

New York Men's Department of Corrections is keeping SBF pending his sentencing on March 5, 2024

A photo of Sam Bankman Fried in jail, with other inmates has surfaced on Social Media. The photo was released not by the New York Men's Department of Corrections, but my social media influencer Tiffany Fong who is on Twitter as @tiffanyfong_ .

SBF basically used client deposits to back his company's own proprietary crypto currency, FTX. It is interesting to note that due to the increase in the value of crypto currencies such as FTX and Bitcoin, SBF's "victims" may recover all their lost money after all.

Fried, 32, sometimes called SBF, was convicted of fraud and related crimes in November 2023. Bankman-Fried founded the FTX cryptocurrency exchange and was celebrated as a "poster boy" for crypto.At the peak of his success, he was ranked the 41st-richest American in the Forbes 400.

The public persona of Bankman-Fried masked significant problems at FTX, and in November 2022 when evidence of potential fraud began to surface, depositors quickly withdrew their assets, forcing the company into bankruptcy.

On December 12, 2022, Bankman-Fried was arrested in the Bahamas and extradited to the United States, where he was indicted on seven criminal charges including wire fraud, commodities fraud, securities fraud, money laundering, and campaign finance law violations.

On November 2, 2023, in the case of United States v. Bankman-Fried, he was convicted of all seven counts of fraud, conspiracy, and money laundering. His sentencing, where experts say he faces decades in prison, is scheduled for March 28, 2024.


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