I finish. The crazy saga of Sam Bankman Fried, the cryptocurrency billionaire, came to an end this week when a federal judge sentenced him to 25 years in prison for fraud. For the cryptocurrency community, this should have been a moment of closure, helping to turn the page on its biggest scandal. However, judging by many of the reactions of the social media platform still known as Crypto Twitter, Thursday's ruling was a mockery of justice.
Let's start with Fox Business host Charles Payne, who tweeted: “No” in response to a question about whether 25 years is enough. this Drove GOP Senate candidate John Deaton supports Payne's suspension and says Bankman-Fried should have gotten 50 years instead. While they were undoubtedly pleasing their right-wing followers — many of whom are quick to criticize any non-electric chair ruling as lenient — Payne and Deaton echoed many others who complained that Bankman-Fried had gotten away too easily.
Some of that grumbling came from the fact that Bankman-Fried would likely be able to get up to a third of his sentence reduced for good behavior, meaning he could serve up to 16 years. Others expressed outrage that while Bankman Fried will be able to walk free one day, another famous criminal linked to Bitcoin is still alive. That would be Ross Ulbricht, aka Dread Pirate Roberts, who was sentenced to life in prison in 2015 for running Silk Road, an infamous online marketplace where you could use Bitcoin to buy everything from heroin to murderers. While Ulbricht's punishment may have been unduly harsh, it is worth noting that, unlike Bankman-Fried, he was indirectly responsible for OD'ing the youth.
Another raft of complaints about Bankman-Fried's 25-year tenure came from the more bizarre corners of social media, with people claiming that because of his family's close ties to Democratic politicians, he was certain to be pardoned. If you like conspiracy theories, this is a good idea, but it's also ridiculous. Meanwhile, it was hard to find anyone who thought the sentence was too harsh – unless you count Bankman-Fried's parents and his legal team, who claimed the conman who loved penthouses and private jets was a “beautiful mystery… with no interest in material possessions”. . right.
Many people seem to think that the sentence against Bankman-Fried was unfair, but this is the case with most high-profile criminal trials where everyone has an opinion but few have an accurate understanding of the criminal justice system. In this case, the judge was right to some extent. A 25-year prison sentence is not a slap on the wrist and will cost Bankman-Fried many of the best years of his life, and mean he is unlikely to ever hug some of his loved ones again. It also sends a message that cryptocurrency fraud is a serious crime.
Quick programming note: I'll be away next week but you'll be in good hands with Leo and Niamh until I return on April 8. Have a wonderful weekend.
Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts
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Mimi, oh wait
Response to the idea of SBF as a “beautiful puzzle”:
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