Kyle Marcelino Tech 02.28.2024 06:Feb AM EST

Ex-FTX CEO Sam Bankman-Fried Asks to Reduce Prison Sentencing Over Fraud Charges

Sam Bankman-Fried, the disgraced former CEO of crypto hedge fund FTX, is seeking to reduce his prison time to no more than six and a half years.

In a court filing on Tuesday, Bankman-Fried's lawyer asserted that 63 to 78 months in jail "would be sufficient" to help the convicted FTX co-founder return to a "productive role in society."

(Photo : Michael M. Santiago/Getty Images)

Atty. Marc Mukasey cited Bankman-Fried's "charitable works" and referenced his efforts to return the money stolen from investors and customers.

Bloomberg and the Financial Times first reported the court filings.

Bankma-Fried's Lawyer: 100 Years in Prison is 'Barbaric'

Bankman-Fried was found guilty of conspiracy and fraud after stealing over $8 billion from FTX before it went bankrupt in November 2022. He was also ordered to return the looted funds.

In response, Mukasey raised concerns for his client, who is diagnosed with autism, of being "uniquely vulnerable in a prison population."

In the same manner, the attorney slammed probation officers for the "grotesque" and "barbaric" 110-year life sentence proposal.

Bankman-Fried is set to appear before U.S. District Judge Lewis Kaplan on March 28 for his sentencing.

Also Read: FTX Customers May Receive Full Refunds Soon

Binance Ex-CEO Changpeng Zhao to Face Prison Sentencing Too

Bankman-Fried is not the only crypto CEO set to spend some time inside prison following the major collapse in the crypto market in 2022.

Former Binance CEO Changpeng Zhao, one of FTX's main competitors during its prime, also faces a prison sentence of up to 18 months.

Zhao and Binance pleaded guilty to money laundering and violations of U.S. trade sanctions. Binance was ordered to pay $4.3 billion for the damages, while Zhao had to pay $50 million from his personal funds.

The fall of Bankman-Fried and Zhao has been felt across the crypto market as increased attention from regulators slowed down operations.

Several crypto businesses also collapsed following the fall of the leading corporations in the market.

As of late, the market is slowly growing back to its strength before the "Crypto Winter" after Bitcoin was granted the privilege to be exchange-traded funds.