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- Sam Bankman-Fried (SBF) has granted his first interview since sentencing.
- He and his legal team plan to appeal his 25-year sentence soon.
Sam Bankman-Fried (SBF), the former CEO of the defunct FTX Derivatives Exchange revealed exclusive details on life behind prison and his legal plans. He talked about issues such as the challenges of his new life, his forthcoming appeal, and his regrets about the collapse of FTX.
SBF’s Exclusive Reveal
In a recent exclusive interview at the Metropolitan Detention Center, Bankman-Fried began by answering questions about his life in prison. As regards details on what he eats in prison, SBF said he was surviving on rice and beans.
In a new interview, SBF revealed that more than a dozen of the inmates he lived with were murderers. Sam still doesn't believe he's guilty of any crime. He expects to file an appeal this fall. He jokes that rice has become the prison's internal currency, with good arbitrage…
— Wu Blockchain (@WuBlockchain) May 10, 2024
He explained that the prison food was unsurprisingly inedible, laying particular emphasis on the vegan entrées he was served. He noted that he was only trying to make the most of a terrible circumstance.
He went on to say he lives in a jail section dedicated mostly to incarcerated women, except for 35 men with whom he shares a dormitory-style existence in a big open room with bunk beds. He notes an absence of privacy, extreme boredom, and four television sets tuned to ESPN, Telemundo, BET, and a news channel.
From his estimation, about half of the 35 men in his unit were murderers who had been turned into cooperating witnesses for the prosecution in exchange for not serving a life sentence. While he admitted that some prison mates try to be close to him, probably to seek financial favors from the proximity to a former billionaire, he said he does not bulge.
He said he preferred watching a tiny selection of movies or playing some inferior video games on a tablet that does not have an internet connection, provided by the jail. When asked if he was scared for his safety, SBF answered in the negative. He seemed thankful that he had not been touched or abused. He noted that he uses the bathroom and shower peacefully a couple of times a week. He, however, admits that he does not sleep well at night in prison.
SBF admitted that Caroline Ellison was a good manager of people and a good administrator, but avoided taking risks and making big investments. He gave this response when asked about why he selected his ex-girlfriend to run Alameda Research, the hedge fund associated with FTX.
He said that he had approached other people if they were interested in the part, but they turned him down.
SBF Unveils More Secrets on FTX
Bankman-Fried’s theory of the case was that by the fall of 2022, it was every man for himself on a boat that looked to be sinking. He admitted that FTX was already facing a liquidity crunch in early November 2022.
He said he first sought a deal with Binance, which quickly fell apart or was never truly real. He then tried to raise billions of capital when his lawyers advised him to turn FTX over to John J. Ray III, which he did.
Ray quickly filed FTX for bankruptcy and installed Sullivan & Cromwell, the company’s outside legal representative, as counsel to the debtor. SBF said he regrets taking his lawyers’ advice because FTX would not have filed for bankruptcy if he had not relinquished his job as CEO to Ray.
While SBF talked about his upcoming appeal, specific details remain undisclosed. As previously reported by Crypto News Flash, Bankman-Fried’s legal team cited unfair sentencing based on 18 months and a fine of $4.3 billion given to Changpeng Zhao, Binance’s former CEO.
