The defense of the former co-founder of the bankrupt crypto exchange FTX categorically disagrees with the opinion of the US Attorney's Office that the businessman should be sent to prison for fifty years.

Lawyers for Sam Bankman-Fried said that “with their calls, US federal prosecutors are distorting reality and portraying the former head of the FTX exchange as an extremely bad person.”

Lawyers believe that the 50-year prison term requested from the court by the prosecutor's office does not correspond to the degree of guilt of the defendant. Lawyers will insist in court on a term of imprisonment of no more than six years.

Manhattan prosecutors argue that a lengthy sentence is necessary for the FTX co-founder's unprecedented crime, which resulted in the loss of more than $10 billion to FTX clients. The state prosecution insists: the co-founder of the crypto exchange violated the law because of “his own delusions of grandeur and a sense of superiority over others.”

The businessman, according to the case file, ordered the transfer of FTX client money to a subsidiary hedge fund Alameda Research for risky investments, political donations and expensive real estate before both companies went bankrupt in 2022.

In November 2023, a jury found Sam Bankman-Fried guilty of seven counts, including wire fraud and conspiracy.

Earlier, American actor, screenwriter, producer and comedian Larry David admitted that he suffered significant financial losses, since he received part of the income from filming an advertisement for the FTX crypto exchange at the SuperBowl in cryptocurrency.