FTX CEO, Sam Bankman-Fried has finally submitted a plea for an appeal against his 25-year jail sentence. The appeal is in response to the sentence hearing that he went through on March 28th, at which Judge Kaplan also froze all of his assets amounting to $11 billion.
Bankman-Fried’s attorneys are determined to dispute both the jury’s verdict of guilt on seven felony counts and the judge’s sentence. The next step in the process is for the appeal to be heard by the Court of Appeals in the Second Circuit, where a panel of judges will determine whether the conviction and sentence should be upheld or reversed.
This announcement comes as a surprise for the crypto community, with reactions being both positive and negative. While some believe the 25-year sentence is appropriate for the damage and grievances suffered by FTX customers, others see it as a sufficient lesson to avoid repeating mistakes in the cryptocurrency industry.
Bankman-Fried’s co-conspirators at FTX and Alameda Research include one ex-colleague who accepted a guilty plea before trial and another who will have their next hearing on May 28th.
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