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Sam Bankman-Fried's legal team has filed an appeal to overturn his conviction of 25 years in jail, arguing he did not receive a fair trial and was presumed guilty from the outset.
What’s the Scoop?
- Claims of Media Bias: The defense alleges media bias and pressure from federal prosecutors influenced the case's outcome.
- Liquidity Crisis Argument: Bankman-Fried maintains FTX faced a liquidity crisis, not insolvency, and claims the exchange had assets to repay customers.
- Blame on Mismanagement: The defense argues that FTX’s management mishandled assets post-crisis, leading to losses.
Bankless Take:
Bankman-Fried’s attempt to frame himself as a victim of media bias is unlikely to change his fate. His focus on liquidity versus solvency seems more like a last-ditch effort to deflect responsibility rather than one that will hold real weight in an appeal. The broader takeaway here is that this appeal, while unlikely to succeed, highlights how legal battles following high-profile failures can impact the regulatory landscape for crypto, with suits tied to FTX still being processed in recent weeks.
SEC Fines Galois Capital $225K Over Asset Mismanagement on Bankless
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