SBF Gets 25 ⛓️👮
SBF Gets 25 ⛓️👮
Sam Bankman-Fried gets a 25 year jail sentence. SBF memecoins hit the markets. FTX estate to offload $7.6B locked Solana balance at 68% discount. Logan Paul’s new documentary on CryptoZoo drama.
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The Sam Bankman-Fried saga concludes.
A landmark moment for the crypto world.
25 years: That's how long SBF will be slammed behind bars.
$11 billion: Judge hits SBF with a hefty fine to compensate FTX investors and victims.
Investors lost $1.7 billion.
Lenders lost $1.3 billion.
Customers lost $8 billion.
Judge Kaplan wasn't buying SBF's "awkward genius" act.
He called the FTX collapse a "serious crime" and blasted SBF for lying, evading questions, and tampering with witnesses.
Read the thread on the proceedings and statements 👇
But wait, there's more.
FTX Victims Speak Out: One victim, Sunil Kavuri, slammed the "loss was zero" narrative and highlighted the real suffering caused by SBF's actions.
SBF's lawyers tried to paint him as a misunderstood whiz kid, but the judge wasn't convinced.
Judge slammed his "lack of remorse" and perjury during the trial.
"A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on on his sentence."
— US District Court Judge Lewis Kaplan.
The former billionaire will likely serve his time in a California prison due to safety concerns.
Justice served?
While the sentence is significant, it falls short of the maximum 110 years.
The case against a life sentence: A life sentence for a non-violent crime is harsh, especially considering the US's high incarceration rate.
Not to forget the damage. So, some screams "Not nearly long enough."
Some point out much harsher sentences for figures like Ross Ulbricht.
Ross William Ulbricht is an American serving life imprisonment for creating and operating the darknet market website Silk Road from 2011 until his arrest in 2013.
Some compare with the Alexey Pertsev trial.
Pertsev, software developer is accused of being a co-perpetrator in organised crime to launder over $1.2 billion of dirty money from hacks on DeFi protocols through Tornado Cash between 2019 and 2022.
Block That Quote 🎙️
Bitwise executive, Matthew Hougan.
"keep calm and take the long view"
He predicts: Institutional investors will inject $1 trillion into Bitcoin through ETFs.
Read the longread memo 👇
SBF Memecoin Rise
Meet "Sam Baseman Fraud" and "Som Bonkmon Fraud"
Two memecoins with questionable taste, launched right around SBF's sentencing.
Here's the wild ride they took
Pump: Both coins skyrocketed, with "Sam Baseman Fraud" reaching a peak of 23,300% gains.
Dump: Both tokens crashed hard, losing over 85% and 95% of their value respectively.
But wait, the real FTX token (FTT) also took a nosedive on the sentencing news - 16% down. Adding insult to injury for FTX investors.
In the Numbers 🔢
$7.6 billion
FTX dumping that much in Solana.
They're offloading 41 million SOL tokens
A fire-sale price of $60 per token - 68% discount.
The vesting period for the purchase of these SOL tokens - 4 years.
$1.3 million
Former FTX execs and promoters just coughed up $1.36 million to settle a class-action lawsuit from burned investors.
They'll cooperate with the lawsuit by sharing information on other potentially liable parties. This includes SBF's ex-girlfriend Caroline Ellison.
Five Months With Logan Paul
A new documentary that takes you on the CryptoZoo drama ride.
What's in it?
Logan Paul says CryptoZoo wasn't a scam, just a project he couldn't handle.
Claims to have lost half a million dollars himself and even experienced suicidal thoughts due to the project's fallout.
Blames negative media coverage for making him look bad and promises to help those affected.
The Surfer 🏄
Bitwise files for spot Ethereum ETF with SEC. Bitwise's CIO previously said May approval might be unlikely. Recent estimates suggest only a 30% chance of approval in May.
New malware targets gamers, especially those using cheat software for Call of Duty. It steals login info and drains Bitcoin wallets, impacting millions of accounts.
The Biden administration has released a comprehensive policy to manage the risks associated with AI. Federal agencies must appoint a chief AI officer, disclose AI usage, and integrate protective measures within 60 days.
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