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A DISGRACED crypto boss has appeared in court for the first time since his fraud conviction and he appeared to glower in sketches from the hearing.
Sam Bankman-Fried, often referred to by his initials SBF, was convicted of multiple counts of fraud in November 2023 after his now-bankrupt cryptocurrency exchange, FTX, lost $10 billion in customer funds.
The jailed con man appeared in court on Wednesday for a hearing over who will represent him at his sentencing on March 28.
He faces decades in prison after a federal jury convicted him of wire fraud and conspiracy for stealing at least $10 billion from customers and investors of his crypto exchange.
Sketches showed him with chains around his ankles as he was sworn in at a courthouse in New York City.
The 31-year-old wore a tan prison jumpsuit and his long curly hair looked unkempt, a dramatic difference from his dapper look at trial.
He’d lost weight and his hair was longer on Wednesday, ABC News reported.
He spoke to the judge in his typical casual manner, saying “nope” and “yep” when asked questions.
Bankman-Fried sat next to his lawyers, Marc Mukasey and Torrey Young, whom he hired in January.
CONFLICT OF INTEREST?
Mukasey, a former federal prosecutor in Manhattan, was once part of Donald Trump’s legal team.
The attorneys also represent Alex Mashinsky, founder of bankrupt cryptocurrency lender Celsius Networks who prosecutors will argue was a victim of Bankman-Fried and should receive restitution.
Bankman-Fried’s hedge fund used stolen money from FTX customers to pay back funds it borrowed from Celsius, prosecutors say.
Mashinsky faces his own legal troubles and has pleaded not guilty to separate fraud charges.
He is accused of artificially inflating the value of his company’s propriety crypto token.
In court, the judge asked Bankman-Fried what he understood about the possible conflict of interest.
“At a high level, they also represent Alex Mashinsky,” he said, adding that Mashinsky’s Celsius was “a firm that the firms I ran had business interactions with.”
Despite the possible conflict of interest, SBF told US District Judge Lewis Kaplan that he wanted to keep them on his legal team ahead of his sentencing.
He said he’d discussed the issue with the lawyers who represented him at trial, and with the attorney who will handle his appeal.
SBF’S DOWNFALL
Prior to his legal troubles, the fallen crypto tycoon was estimated to be worth $26 billion.
His unconventional style and commitment to progressive causes saw him brush shoulders with figures such as Tony Blair and Bill Clinton.
FTX also secured endorsements from high-profile celebrities including Tom Brady and his ex-wife Gisele Bundchen, who both invested in it.
Everything came crashing down in November 2022, when FTX collapsed into bankruptcy.
SBF was charged over the crypto con weeks later and was found guilty of seven counts of fraud and conspiracy in November 2023 after a monthlong trial.
During his trial, a supposed court sketch of SBF went viral on social media.
The sketch was an overly flattering portrayal of the felon, described as a “Brad Pitt-Tom Brady hybrid” by The Independent.
However, it was a fake and was thought to be created by artificial intelligence.