'Irreparable Harm' Described by FTX Victims

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Statements have been issued ahead of Sam Bankman-Fried's sentencing hearing by the victims of the collapsed crypto exchange FTX sharing the emotional and financial impact of the actions by the former CEO and the collapse of the firm.

Regarding Sam Bankman Fried, executives of former FTX and Alameda executives Gary Wang, Caroline Ellison, Nishad Singh, and Ryan Salame, several victim impact statements have been released by the prosecutors.

According to one unidentified victim, "[W]e entrusted FTX with our hard-earned savings, believing in the integrity of the platform and the digital assets it facilitated". However the sudden crash of the crypto exchange FTX made a substantial loss of $19000 at current prices to the victim but Sam Bankman Fried also shook the foundation of their trust in the digital asset space, according to the victim.

Other victims' testimonies described the "emotional toll" the collapse of FTX took on them, including effects on relationships and future uncertainties. Many called Sam Bankman Fried to face justice regarding his actions in the events that made the crypto exchange FTX collapse.

The former FTX CEO was convicted of seven felony counts in November 2023 by a jury, however, he has testified in his own defense in trial mainly deferring the blame for the collapse of FTX.

United States prosecutors recommended that a federal judge sentence Sam Bankman Fried, the founder and former CEO of FTX, which was one of the largest cryptocurrency exchanges, to serve 40-50 years in prison for his conviction of fraud and conspiracy charges related to the collapse of the exchange FTX while lawyers of Sam Bankman Fried have suggested 6.5 years.

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