Ever since the collapse of Sam Bankman-Fried’s exchange, almost the entirety of the cryptocurrency community is questioning why is it that the disgraced CEO is not yet in jail.
When asked about it during his several public appearances since FTX’s bankruptcy, SBF claims that his goal now is to explain to the public what actually happened during the chaotic series of events.
However, the apparent lack of interest in whether or not Bankman-Fried will see his next couple of years behind bars is likely just a persona.
Recently reports indicate that SBF is hiring one of the leading white-collar defense lawyers in the country.
Mark S. Cohen, co-founder, and associate at Cohen & Gresser. Since 2013, Cohen has been named a Leading Individual in the white-collar crime and government investigations area by Chambers USA. He was named a Leading Individual in the securities litigation category in 2016.
Known for representing high-profile clients, Cohen most notably represented the billionaire Ghislaine Maxwell, known for her alleged involvement in the Jeffrey Epstein episode.
This means that, despite claiming that he lost all of his money, SBF still has the money to hire one of the leading defense lawyers in the country.
What to Expect of SBF’s Legal Future
Many attribute the bankruptcy of the exchange as one of the worst cases of “allegedly” financial fraud in history. The company previously worth billions of dollars completely and utterly collapsed, burning billions in customer funds along with the fall.
Today, expectations indicate that FTX will only be able to pay 5 cents for each dollar owed to its customers. If these reports turn out to be true, FTX will only be able to repay $50,000 for every million dollars owed to its customers and investors.
Despite not moving as fast as the community desires, the United States Department of Justice launched an inquiry on the former CEO. Meanwhile, FTX is already under investigation by state and federal authorities.
Due to the size of the financial losses left by its collapse, SBF could face decades behind bars, if he ever gets found guilty of fraud.