According to Business Insider (May 26), Sam Bankman-Fried (SBF), the founder of the cryptocurrency exchange FTX, may be released four years earlier than his original 25-year sentence due to good behavior, with a projected release date of December 14, 2044.
Founded in 2019, FTX rose to become the third-largest cryptocurrency exchange in the world by trading volume at its peak in July 2021. However, FTX became embroiled in a serious financial fraud scandal by transferring customer funds to executives through the cryptocurrency hedge fund Alameda Research, which SBF founded. Caroline Ellison, SBF’s girlfriend at that time, served as the CEO of that fund.
After suspicions of fraudulent activity, FTX faced a wave of massive withdrawals and was forced to file for bankruptcy in November 2022. By November 2023, SBF was convicted on seven counts, including fraud, conspiracy, and money laundering. In March 2024, he received a 25-year prison sentence along with a staggering fine of over $11 billion.
Related: FTX Plans to Distribute $5 Billion to Creditors on May 30
Due to good behavior, SBF’s prison term has been shortened, and he is expected to be released on December 14, 2044.
In connection with the case, Caroline Ellison was sentenced to two years in prison and is expected to be released in May 2026.
