“I never thought what I was doing was illegal,” SBF says as he begins his prison sentence

picture: Tom Williams/CQ-Roll Call, Inc via Getty Images (Getty Images)

Days after Sam Bankman Fried got… 25 years imprisonmentthe founder of FTX issued a statement to Letters of News He says how sorry he was for his crimes. He says he made some “bad decisions” and did not realize that his billion-dollar fraud scheme was not illegal.

“I tried to hold myself to a high standard, and I certainly didn't meet that standard,” he told ABC News via email from the Metropolitan Detention Center in Brooklyn. “That's mostly what I think about every day. I'm haunted every day by what was lost. I never meant to hurt anyone or take anyone's money.”

Bankman-Fried is scheduled to remain in prison until he is 57, although he could receive early release if he shows good behavior.

Prosecutors initially sought a sentence of 40 to 50 years for Bankman-Fried's crimes, which included Fraud, conspiracy and money laundering. The founder and CEO were convicted on charges of misusing more than $8 billion in FTX client funds and another $2 billion from investors and lenders. The judge also found SBF guilty of perjury three times for lying under oath during his trial.

Fortunately, FTX customers appear to be on their way to repayment. Last week the company It sold its stake in AnthropicA company that develops artificial intelligence In competition with OpenAI. Proceeds from the deal, if approved, could go to FTX clients who were defrauded by the company under the SBF.

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