"Bankman-Fried is currently serving 25 years in prison for misappropriating funds at the crypto exchange he founded, FTX, which was once valued at over $30 billion. The company's collapse stands as the largest fraud in the crypto industry, and led to an extended period of stagnation for the sector. While in prison, Bankman-Fried has crossed paths with several celebrity inmates and is giving them his two cents on what they should do in court."
"He encouraged Hernandez to testify in his own defense during his trial in New York City in 2024. The strategy did not go according to plan as the former Honduran president was later sentenced to 45 years in prison for importing more than 400 tons of cocaine into the United States. Hernandez was released from prison earlier in December following a pardon from President Donald Trump."
"Another one of Bankman-Fried's legal advisees was Sean Combs, more commonly referred to as Diddy. The two were cellmates at the Metropolitan Detention Center in Brooklyn, New York, and the crypto fraudster prepared the rapper for the prosecution's strategy. The jury later found Combs not guilty of the most severe charges of racketeering and sex trafficking, but he was convicted of transportation for prostitution and was sentenced to four years in prison."
Sam Bankman-Fried is serving 25 years for misappropriating funds at FTX, once valued above $30 billion. The company's collapse is the largest fraud in the crypto industry and caused prolonged sector stagnation. In prison, he advised high-profile inmates such as Juan Orlando Hernandez and Sean Combs. He encouraged Hernandez to testify in his defense; Hernandez was later sentenced to 45 years for importing tons of cocaine and was subsequently pardoned and released. Bankman-Fried also prepared Combs for the prosecution's strategy; Combs was acquitted of racketeering and sex trafficking charges but convicted of transportation for prostitution. Social media users criticized taking legal advice from a convicted felon.
Read at Fortune
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