What is next for FTX founder, crpto fraud Sam Bankman Fried?

Sam Bankman-Fried, the creator of FTX, was found guilty on Thursday of masterminding a multibillion-dollar scam against the users of the cryptocurrency exchange, Reuters reported.

Here's what comes next for Bankman-Fried:

When will Bankman-Fried be sentenced?

Judge Lewis Kaplan of the US District Court scheduled Bankman-sentence Fried's on March 28, 2024. Bankman-Fried might spend many years behind bars.

Based on a number of variables, including Bankman-personal Fried's past and the specifics of the offence, Kaplan will sentence him.

Rejecting Bankman-Fried's request to be released from custody so he could get ready for trial, Kaplan hinted that he might get a "very long sentence."

Kaplan wrote in a 2007 article that "crimes committed by white collar criminals out of a studied calculation of likely costs and benefits of engaging in the criminal behavior perhaps are especially reprehensible."

Is this the end of the case?

The prosecution's case against Fried Bankman is still ongoing.

On allegations that he paid a $40 million bribe to Chinese officials and plotted to make over 300 unlawful political contributions in the US, Bankman-Fried is set to go on trial in March.

Will Bankman-Fried appeal?

Bankman-Fried will probably request a review of the decisions made against him both prior to and during the trial by the 2nd US Circuit Court of Appeals, in addition to his conviction.

Bankman-Fried was to testify before the jury that FTX's business involves lawyers, but Kaplan partially prevented her from doing so.

During the trial, Bankman-Fried's lawyers made a motion for acquittal, claiming the prosecution had not shown enough evidence. Kaplan turned down the request. After Bankman-Fried was found guilty, his attorney Mark Cohen declared that his client would continue to "vigorously fight the charges."

Will Bankman-Fried stay in jail for now?

Since August 11, when Kaplan discovered that Bankman-Fried had probably tampered with witnesses at least twice, he has been held in custody at Brooklyn's Metropolitan Detention Centre.

That's probably where he'll stay until he's sentenced.

What about FTX customers?

A tentative settlement calls for former exchange customers to eventually receive at least 90% of the available funds recovered in the bankruptcy. In December, FTX is anticipated to incorporate the transaction in its upcoming proposed bankruptcy plan.

FTX has already retrieved more than $7 billion in assets, and it is suing former business partners in an effort to reclaim much more.

Kaplan might further mandate that the victim get restitution.