Speculators believe Sam Bankman-Fried hopes to trade the disclosure of the newly recovered funds for a lighter sentence.
Crypto Twitter went agog with accusations of FTX’s former CEO. They questioned his intentions after announcing the recovery of over 60% of the money they collectively owed investors.
A lawyer for FTX legal counsel, Adam Landis, revealed that the company found $5 billion in cash. The stash consists of liquid digital assets and crypto investments to add to the list of declared properties after filing for bankruptcy.
Speculators Probe FTX’s Motive After Filing For Bankruptcy
General Partner of Cinneamhain Ventures, Adam Cochran, insinuated that SBF was trying to use previously embezzled funds to “weasel out of jail.”
Cochran further argued that Bankman-Fried is attempting to get off on a light jail sentence by mysteriously exposing over half of the money that could be used to settle investors. He also questioned the timing of this revelation, pointing to the hope of a soft landing as the reason for his recent action. He asserted that given that such an amount of money evaded the scrutiny of FTX’s financials during the bankruptcy filing was also suspicious. In December 2022, the cryptocurrency management claimed they could only gather 1 billion.
Sam Bankman-Fried was arrested in the Bahamas and handed over to US authorities after his crypto exchange declared bankruptcy on Nov 11, 2022. He pleaded guilty to wire fraud and political campaign funding violations, including six other criminal counts in the US.
Do you think Sam Bnman-Fried will get a light sentence after this new development? Let us know your thoughts in the comment section below.
