FTX founder Sam Bankman-Fried’s sentencing has seen a flurry of bets on Polymarket regarding how long he will serve in prison. Bettors have staked approximately $500,000 on the outcome.
Sam Bankman-Fried Sentencing
Bankman-Fried will be sentenced on Thursday (March 28) with terms being predicted from two to five decades. Users on Polymarket are frantically predicting the official pronouncement of his sentence.
Speculation is rife with how long the fraudster will receive. His lawyers believe a term of around 6 years will suffice. Especially as he is a non-violent first-time offender.
The prosecution is pushing for a hefty prison term of 40-50 years. If some reports are to be believed, Bankman-Fried could receive 100 years.
It is also understood that Bankman-Fried’s autism might influence the outcome. His fate lies solely in the hands of Judge Lewis Kaplan of the Southern District of New York.
Whatever happens, the eyes and ears of the world will be waiting to see exactly what term Bankman-Fried will receive. As well as keen bettors on Polymarket.
Bankman-Fried was found guilty in November on seven counts of fraud and money laundering relating to the collapse of FTX 12 months earlier. He has appealed his conviction.
Polymarket Prediction Market
Investors and users on Polymarket’s prediction market will typically place bets on world events. People can bet on topics such as politics, crypto, legal proceedings, sports, business, and science.
Shares are bought and sold using cryptocurrency to bet on the likelihood of future events. Recently, Hollywood A-lister Sydney Sweeney claimed that that prediction markets will solve fake news.
Sam Bankman-Fried’s case has proven to be a hotbed for Polymarket investors. The huge variety of bets strongly suggest that a speculative fervor is evident.
Nonetheless, the real world outcome of what will happen on March 28 is still up for debate. One thing that is certain is that Bankman-Fried will be sent to prison.
Something that will likely work in Bankman-Fried’s favour is that FTX administrators have managed to raise $884 million to pay back customers. His lawyers will strongly enforce this in the hope of a more lenient sentence.
However, Judge Lewis Kaplan may want to make an example of Bankman-Fried. A number of Polymarket users will be hoping for the same outcome to cash in.
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