Sam Bankman-Fried, the founder of the now-closed FTX exchange, is seeking a reduced prison sentence of 78 months or less, as per a court filing on Feb. 27.

Bankman-Fried's legal team, led by Marc Mukasey, criticized the Pre-sentence Investigation Report (PSR) recommendation of a 100-year sentence as "barbaric." They emphasized Bankman-Fried's status as a first-time offender and the potential for FTX clients to recover most of their funds.

The lawyers argued that FTX's financial status at bankruptcy indicated no actual harm to clients, lenders, or investors. They clarified that the $8 billion deficit cited by the government was due to a temporary shortage in liquid assets caused by a surge in customer withdrawals.

Furthermore, Bankman-Fried's attorneys highlighted his educational background, philanthropic efforts, and commitment to rectifying losses from FTX's collapse. They argued that a lengthy prison sentence would prevent him from leading a meaningful life and contributing to society.

Bankman-Fried was convicted of multiple counts of fraud and money laundering last November, facing a potential maximum sentence of 110 years. His sentencing is scheduled for March 28.

Despite being incarcerated at the Brooklyn Metropolitan Detention Center, Bankman-Fried reportedly continues to offer cryptocurrency advice, particularly endorsing Solana, a digital asset he has long been associated with.