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Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.\nSam Bankman-Fried (SBF), FTX's co-founder, was sentenced to 25 years in prison and $11 billion in forfeiture for massive fraud, marking a historic moment in the crypto industry. Judge Lewis Kaplan emphasized the sentence's necessity due to Bankman-Fried's risk-oriented decision-making philosophy known as \u201cexpected value\u201d and lack of remorse.\xa0\nSam Enzer joined Unchained to unpack the sentencing, discussing the fairness of the length, explaining how the $11 billion forfeiture would work and how it\u2019s different from the bankruptcy proceedings. Additionally, Enzer provided insights into the kind of prison SBF would end up in and into the three-year supervised release SBF will face after his prison term. The conversation further delved into the broader impact of the sentencing on the crypto industry, suggesting it could signify the end of a dark chapter.\xa0\nShow highlights:\n\nWhether the 25-year sentence is fair, according to Sam\n\nWhat the $11 billion in forfeiture means for SBF\n\nWhether the assets of SBF actually belong to the FTX estate\n\nWhere SBF will likely go to prison and why Sam believes that SBF will not go to a maximum security prison\n\nWhen the clock starts ticking for the 25-year sentence\n\nWhy SBF will not be eligible for parole and whether he could get "good time credit"\n\nWhat the defense will attempt in appealing the conviction\n\nWhat types of behavior could get SBF enough credit to appeal for a reduced sentence\n\nWhy SBF will have to be supervised for three years after his release\n\nHow SBF\u2019s philosophy about \u201cexpected value,\u201d was the theme of the crime, according to Judge Kaplan\n\nWhether the co-conspirators, such as Caroline Ellison, will be sentenced and serve in prison\n\nWhy Sam says that the sentencing represented "the closing of a dark chapter" in crypto\n\n\nThank you to our sponsors!\n\niTrustCapital\n\nPolkadot\n\nGuest\n\n\nSam Enzer, Partner at Cahill Gordon & Reindel\n\nPrevious appearances on Unchained:\n\nWhy the SEC\u2019s Case Against Coinbase Is So Significant for Crypto\n\nWhy SBF\u2019s Testimony So Far Has Likely Already Doomed Him\n\nAnother Bad Week for Sam Bankman-Fried in His Criminal Trial\n\nWhy These Lawyers Say It\u2019s Over for SBF-But His Only Hail Mary Is to Testify\n\nSBF Trial: How Sam Bankman-Fried\u2019s Lawyers Might Try and Win His Case\n\nSBF\u2019s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?\n\nLinks\n\nUnchained:\xa0\n\nFTX Founder Sam Bankman-Fried Sentenced to 25 Years for Historic Fraud\n\nSBF\u2019s Prison Sentencing Is Coming Up. How Many Years Will He Get?\n\nIs Prison Crypto\u2019s New Glow-Up? Post-Incarceration Do Kwon and SBF Are Admired\n\nWhat to Expect from Sam Bankman-Fried\u2019s Sentencing \u2013 and the Lessons We Should Learn\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices