The former crypto CEO, Sam Bankman-Fried, has expressed remorse for his actions that led to a 25-year prison sentence for fraud last week.
“It’s what I think about most each day,” he confessed to ABC News.
Bankman-Fried’s sentencing concluded a 17-month ordeal that commenced in November 2022 when FTX, a global cryptocurrency exchange he co-founded and led as CEO, collapsed, resulting in an $8 billion loss for its customers.
Following the company’s downfall, Bankman-Fried resigned, and the new management filed for bankruptcy. Prosecutors alleged that he misappropriated funds from FTX customers for political contributions, investments, and personal use. Last year, he was found guilty on seven counts of fraud, conspiracy, and money laundering, leading to Thursday’s sentencing.
Speaking exclusively to ABC News via email over the weekend from the Metropolitan Detention Center in Brooklyn, Bankman-Fried attributed FTX’s insolvency to several “poor decisions” he made in 2022.
“I never believed my actions were illegal. Nonetheless, I aimed for a high standard and clearly fell short,” he admitted.
During his sentencing, U.S. District Judge Lewis Kaplan accused Bankman-Fried of perjury and being “often evasive.” The judge noted that the defendant showed no remorse for his crimes.
On Sunday, Bankman-Fried asserted that he is indeed remorseful. “I’ve witnessed the despair, frustration, and sense of betrayal from thousands of customers; they deserve full repayment at current prices,” he stated. “It’s agonizing to see them waiting day after day,” he added.
Bankman-Fried also expressed empathy for his former colleagues and supported charities, acknowledging the pain they endured due to his actions.
“I’m haunted every day by what was lost. I never intended harm or financial loss to anyone. However, as FTX’s CEO, I bear responsibility for the company’s fate. I would do anything to help mitigate the damage. I’m doing what I can from prison, but it’s deeply frustrating not to do more,” he lamented.
In a statement to the court, Bankman-Fried, 32, suggested that if he or another FTX employee had remained CEO, customers would have been repaid long ago. He criticized the decision not to relaunch the FTX exchange, which he believed could have preserved long-term value.
Bankman-Fried also questioned the fairness of his trial, alleging that the law firm representing FTX’s new ownership collaborated with prosecutors. He intends to appeal later this year, citing trial testimony that he claims misrepresented events and the exclusion of crucial evidence and witnesses.
Following his sentencing, Bankman-Fried acknowledged that he had “lost everything” and expressed a desire to make a positive impact on the world, albeit from prison.
