NEW YORK, NY – Sam Bankman-Fried is awaiting sentencing this Thursday, following his conviction four months ago for masterminding a massive fraud that caused the collapse of the FTX cryptocurrency exchange.

The 32-year-old Bankman-Fried was found guilty on two counts of fraud and five counts of conspiracy by a federal jury in New York City. Since his conviction in November, he has been held at the Metropolitan Detention Center in Brooklyn after his bail was revoked due to allegations of witness tampering.

Federal prosecutors are advocating for a sentence of up to 50 years, well above the statutory 110-year maximum implied by the conviction. This rigorous request is fueled by the nature of the fraud, Bankman-Fried’s privileged background, and the substantial losses suffered by victims.

The prosecutors assert that Bankman-Fried blatantly disregarded the law and the expectations of his customers, showing a disregard for ethical conduct and a sense of superiority. They argue that his actions demonstrated a callous belief that he could use their money for his benefit.

Bankman-Fried’s defense team, in contrast, is pleading for a lesser sentence of 6½ years or less, citing his mental health struggles, supposed selflessness in his personal life, and the safety risks he may face in prison.

John Ray, the current overseer of FTX, disputes the defense’s claim that victims did not experience losses, highlighting the vast harm caused by Bankman-Fried’s actions. Despite the recent surge in bitcoin prices, FTX victims can only reclaim crypto assets at the rates set when the exchange declared bankruptcy.

Throughout the trial, Bankman-Fried has shown a consistent lack of remorse, which could impact the sentence handed down by U.S. District Judge Lewis Kaplan. While there is no possibility of parole in federal cases, Bankman-Fried may receive a slight reduction in his sentence for good behavior. However, legal experts suggest that this reduction may not significantly impact his overall term.