Sam Bankman-Fried could be released from prison early

Former head of failed crypto exchange FTX Sam Bankman-Fried, sentenced to 25 years in prison, could be released after serving half of his sentence. told experts in conversation with CNN, reports RBC Crypto.

Former US federal prosecutor Mitchell Epner confirmed to CNN that Sam Bankman-Fried could serve just 12.5 years if he takes advantage of US law that allows federal prisoners to reduce their sentence by 54 days per year for good behavior. Epner also pointed to provisions in the First Step Act that allow nonviolent prisoners to have their sentences cut in half.

The former head of the bankrupt crypto exchange FTX, Sam Bankman-Fried, was sentenced to 25 years in prison. He is accused of seven criminal charges, including fraud and embezzlement of user funds. The court hearing took place on March 28. According to the judge, FTX clients lost $8 billion, another $1.7 billion from investors and $1.3 billion from creditors of the exchange.

Epner notes that First Step, originally intended as a measure to protect minorities in the United States, has turned out to be a “huge benefit” for white-collar criminals, who receive lighter sentences in courts.

Another way to reduce prison sentences is through early release on humanitarian grounds, often of a medical nature. The program allows courts to reduce sentences for “extraordinary and compelling reasons,” often related to the health of a defendant who has already served a significant portion of his or her sentence.

In addition to the prison sentence, federal Judge Samuel Kaplan ordered Sam Bankman-Fried to seize $11.02 billion in assets and order him to pay a fixed monthly amount in restitution.

Judge Lewis Kaplan, who handed down the sentence in the former FTX chief's trial, recommended that the Bureau of Prisons place Bankman-Fried in a minimum security facility as close to San Francisco as possible so that Bankman-Fried's family could visit him.

Bankman-Fried's lawyers said they will challenge his conviction.