FTX Collapse Event
The second largest cryptocurrency exchange, FTX, collapsed suddenly, with its founder SBF arrested and users losing billions of dollars, becoming one of the biggest black swans in the crypto world.
Event Timeline
Estimated Reduction in Sentence Due to 'Good Behavior' is About 4 Years
The Federal Bureau of Prisons estimated that SBF could be released as early as 21 years from now, with an expected release date around the end of 2044.
SBF Transferred from New York Prison to Oklahoma Transitional Prison
SBF was transferred from MDC in New York to a transitional prison in Oklahoma, awaiting final allocation to a California prison.
Government Requests to Maintain Conviction and Sentence
The US government filed a response objecting to the appeal, stating that the trial and jury verdict were in accordance with the judicial process, with no obvious procedural errors.
SBF's Appeal Includes Judge Bias and Evidence Limitations
In the Second Circuit appeal, the defense argued that the trial judge, Lewis Kaplan, unfairly limited his defense rights during the trial.
SBF Appeals His Sentence
SBF filed an appeal in his local court, claiming there were procedural issues in the trial, potentially challenging the case in the federal appellate court.
SBF Sentenced to 25 Years in Prison and Ordered to Pay Approximately $110 Billion in Fines
The court sentenced SBF to 25 years in prison and ordered him to pay approximately $110 billion (including forfeiture and fines), a significant amount that shook the global financial markets.
Jury Finds SBF Guilty
A federal jury in New York found SBF guilty on all charges of fraud and conspiracy, marking a significant penalty case in the US legal system for large-scale crypto fraud.
SBF Extradited to the US
SBF was brought back to the US to face charges in New York, including fraud and conspiracy.
SBF Arrested in the Bahamas
FTX founder Sam Bankman-Fried (SBF) was arrested in the Bahamas by local authorities. He was charged with multiple financial fraud charges.
FTX Files for Bankruptcy Protection
FTX filed for bankruptcy protection due to inability to handle large user withdrawals, freezing user funds and causing turmoil in the global crypto market.