Sam Bankman-Fried to appeal 25 year sentence

LAWYERS for jailed fraudster Sam Bankman-Fried have said they will contest the 25-year sentence handed to him two weeks ago.

The 32-year-old former head of collapsed crypto exchange FTX began his lengthy spell behind bars after being convicted on seven counts of conspiracy and fraud.

The one-time billionaire had, over several years, stolen around $8 billion from FTX customers.

In the early hours of this morning, Bankman-Fried's defence attorney - Marc Mukasey - revealed plans to appeal to the Circuit Court of Appeals for Manhattan.

Several legal experts have already jumped on the move as "a box ticking exercise", while noting the process could take several years before possibly making its way to the US Supreme Court.

Others have even suggested Bankman-Fried's quarter of a century imprisonment has seen him get off lightly from the 40 to 50 years many were calling for and anticipated.

A graduate of the Massachusetts Institute of Technology, 'SBF', as he became known, amassed an enormous fortune, and became the poster boy for magazines of the wealthy and aspirational. He also wielded great power and influence as a political donor.

However, when filing for bankruptcy on November 11 2022 in the Bahamas, where the FTX exchange he founded was based, the fragility of the financial pillars holding his empire aloft became devastatingly exposed.

Within a month, he was arrested and extradited to the US.

Three of Bankman-Fried's former associates are currently awaiting sentencing after pleading guilty to fraud. However, their sentences come with the added complication of the fact they also testified against their former employer as prosecution witnesses.