U.S. Attorney Damian Williams called Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of crypto.”
on Nov. 3, including two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. He will return to court for sentencing by Judge Lewis Kaplan on March 28, 2024. Government prosecutors will recommend a sentence, but Kaplan will have the final say.
Bankman-Fried’s crimes each carry a maximum sentence of five to 20 years in prison, with the wire fraud, wire fraud conspiracy and money laundering conspiracy charges carrying a maximum 20-year sentence. In a press conference outside the court, United States Attorney Damian Williams called Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of crypto” and one of the biggest financial frauds in American history.
FTX has also requested the bankruptcy court in Delaware allow it to sell certain key trust fund assets, including from crypto asset manager Grayscale Investments and custody service provider Bitwise,establishing new standards for AI safety and security. Biden’s order stated it is building off previous actions taken, including AI safetyin the industry.
The first standard requires developers of the most powerful AI system to share safety test results and “critical information” with the government. Secondly, the National Institute of Standards and Technology will develop standardized tools and tests for ensuring AI’s safety, security and trustworthiness. The administration also aims to protect against the risk of AI usage to engineer “dangerous biological materials” through new biological synthesis screening standards.
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