An unexpected twist in the story reveals that Sam Bankman-Fried, co-founder of the closed cryptocurrency exchange FTX, has been handed a 25-year prison term for deceiving users.

The verdict was delivered by US District Judge Lewis Kaplan at a federal courtroom gathering in Lower Manhattan on March 28.

Despite promising to contest the sentence, Bankman-Fried has formally cast an objection to the ruling.

Regret and Sympathy for FTX Clients

During the court session, Judge Lewis Kaplan pointed out severe allegations against Bankman-Fried, accusing him of perjury and evasion during his testimony. The judge expressed disappointment at the absence of remorse shown by Bankman-Fried for his unlawful actions.

In response, Bankman-Fried expressed sorrow and understanding for the financial losses encountered by "thousands of customers." Taking accountability as FTX's CEO, he expressed the desire to make amends for the harm caused.

Bankman-Fried articulated his frustration at the loss of his accomplishments and his limited capability to rectify matters from his prison confinement. He acknowledged the restrictions hindering his ability to achieve more.

Sam Bankman-Fried Alleges Trial Inequity

Following his conviction, Bankman-Fried raised concerns about the fairness of his trial, pointing fingers at Sullivan & Cromwell, the legal representatives of FTX’s new owners.

The tainted image of the former FTX co-founder contended that the law firm conspired with the prosecution, impeding his access to crucial FTX records shared with the prosecution. Bankman-Fried argued that this interference detrimentally impacted all facets of the trial, encompassing media portrayal and the defense’s capacity to present favorable evidence.

With the official appeal registered, Bankman-Fried anticipates a different ruling, aiming for a less severe penalty. He stressed the importance of introducing vital evidence and summoning key witnesses that he alleges were unfairly kept out of the trial.

Currently confined at the Metropolitan Detention Center in Brooklyn, Bankman-Fried has openly expressed his wish to stay within the MDC-Brooklyn facility until the appeal verdict is reached.

As the high-profile case unfolds, the venture for a revised outcome by the crypto tycoon and the repercussions of FTX’s collapse remain under intense public scrutiny.

The response of the US authorities to this appeal, as well as forthcoming legal maneuvers and submissions by Bankman-Fried’s legal team, are yet to be delineated.

Currently, the native FTT token of the exchange is valued at $1.60. Interestingly, the token has recorded a significant 4% price bump within the last day, setting it apart from the general trend of stagnation or declines prevalent across the cryptocurrency industry.

Nevertheless, it is crucial to consider that the token shows a 32% decrease over the past month, resulting in a significant diminution in FTT's year-to-date growth, presently at 25%.