News
  • Qadir AK
    author-profile
    Qadir AK right arrow
    Author

    Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

    • author facebook
    • author twitter
    • linkedin
  • Updated by: Zameer Attar
    author image
    Zameer Attar right arrow
    Updated

    Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

    • Reviewed by: Zafar Naik
      author profile
      Zafar Naik right arrow
      Reviewed

      Zafar is a seasoned crypto and blockchain news writer with four years of experience. Known for accuracy, in-depth analysis, and a clear, engaging style, Zafar actively participates in blockchain communities. Beyond writing, Zafar enjoys trading and exploring the latest trends in the crypto market.

      • 2 minutes read

      FTX Founder Sam Bankman-Fried May Get Out Of Prison Early – Here’s How

      Story Highlights
      • Sam Bankman-Fried was sentenced to 25 years for an $11B FTX fraud but could be released by 2044 with good behavior.

      • He’s now serving time in a lower-security California prison after harsh conditions in Brooklyn.

      • SBF is reportedly seeking a Trump pardon, but his Democratic ties make it a long shot.

      Once celebrated as a crypto genius, Sam Bankman-Fried – better known as SBF – is now serving time for one of the biggest frauds in crypto history. His $11 billion FTX collapse sent shockwaves through the digital asset space.

      Now sentenced to 25 years, some legal twists could see him walking free earlier than expected. Let’s break it down.

      The $11 Billion FTX Meltdown: What Really Happened?

      In March 2024, a jury found SBF guilty on seven counts of fraud and conspiracy. Prosecutors revealed how he and his close team funneled customer funds from FTX into his trading firm, Alameda Research.

      The result? A collapse that destroyed trust in crypto markets and left investors in disbelief. It was one of the most damaging events the industry has ever seen.

      What’s Prison Life Like for SBF?

      SBF began his prison sentence at Brooklyn’s Metropolitan Detention Center. The conditions were rough – frequent power outages, staffing shortages, and inadequate vegan meals.

      His lawyers called the conditions “inhumane.” He was moved to FCI Terminal Island in California – a lower-security prison. The new facility houses around 850 male inmates.

      How He Could Get Out Earlier Than Expected

      The Bureau of Prisons has now listed SBF’s expected release as December 14, 2044 – more than four years earlier than his full sentence.

      Why? Federal inmates can earn up to 54 days off per year for good behavior. Additional credits come from taking part in educational and rehab programs. Plus, time spent in jail before sentencing counts too. Altogether, these could cut his 25-year term down to under 21 years.

      What Caroline Ellison’s Sentence Tells Us

      SBF’s former girlfriend and Alameda CEO, Caroline Ellison, also faced charges. She cooperated with authorities and received just a two-year sentence. With reductions, she could be released by May 2026.

      It’s worth noting that SBF’s own bail was revoked during trial for leaking Ellison’s personal writings to a journalist – hurting his chances for leniency.

      Could Trump Really Pardon SBF?

      SBF reportedly seeking a pardon from President Donald Trump, with his parents lobbying Trump’s circle. Trump has pardoned crypto figures like BitMEX co-founders for violating anti-money laundering laws and Silk Road’s Ross Ulbricht, suggesting a pro-crypto stance. 

      Bankman-Fried lacks the crypto community’s support. His pardon bid is a long shot due to his Democratic ties and limited backing.

      A Long Battle Ahead

      Good conduct and credits from welfare programs may cut SBF’s jail time from 25 to 21 years. However, Trump’s pardon bid can be a tough sell. 

      As his legal team struggles, and scant crypto support and Democratic ties, his 25-year sentence is likely to stick, despite Trump’s crypto-friendly pardons.

      Show More

      Related Articles

      Back to top button