He claimed he made mistakes managing risk but denying he stole money.
NEW YORK - Sam Bankman-Fried, facing the prospect of spending much of his adult life behind bars, on Thursday appealed his conviction and 25-year prison sentence for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded.
Bankman-Fried's appeal could take years. He faces steep odds, with his lawyers needing to persuade the 2nd Circuit - and potentially the U.S. Supreme Court - that U.S. District Judge Lewis Kaplan made significant errors that deprived Bankman-Fried of his legal rights and made the trial unfair. The Massachusetts Institute of Technology graduate rode a boom in the values of bitcoin and other digital assets to a $26 billion net worth before he turned 30, Forbes magazine estimated.
They pleaded guilty to fraud and are awaiting sentencing. Bankman-Fried testified in his own defense, acknowledging he made mistakes managing risk but denying he stole money. During the sentencing hearing, Mukasey told Kaplan that the judge should ignore the prosecution's claim that FTX customers had lost $8 billion because, he said, customers would likely be made whole eventually.
Earlier on Thursday, Bankman-Fried's former lawyer Mark Cohen questioned the disparity between Bankman-Fried's sentence and rival exchange Binance's founder Changpeng Zhao's maximum 18-month sentence for violating an anti-money laundering law.
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