Sam Bankman-Fried is facing a potential 50-year prison sentence following wire fraud and conspiracy accusations related to his cryptocurrency empire’s collapse. His defense team has criticized prosecutors for their harsh sentencing proposal, calling it a distorted view of punishment.

According to U.S. prosecutors, Bankman-Fried’s involvement in what they consider a “historic” crime targeted over 1 million victims and resulted in losses exceeding $10 billion due to the collapse of FTX. They are pushing for a sentence of 40 to 50 years, while Bankman-Fried’s defense team is advocating for a much shorter prison term of 5.25 to 6.5 years.

Despite the collapse of FTX, Bankman-Fried’s lawyers emphasize that the exchange’s clients were reimbursed. They argue that the prosecutors’ portrayal of him as a “depraved super-villain” with dark motives is inaccurate and that the sentencing recommendation is overly harsh.

In November 2023, a jury unanimously convicted Bankman-Fried on all seven criminal charges. FTX and Alameda Research declared bankruptcy in November 2022, revealing a financially unstable environment within the companies. Bankman-Fried’s sentencing is scheduled for Mar. 28 at 9:30 a.m. ET.

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