The one-time mogul and the founder of the defunct cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), was found guilty last Thursday, November 2, on all charges in a Federal court in Manhattan. The question now is, what does the future hold for him and his significant witnesses?
This overly emotional episode for many in the crypto community is ending as the former FTX CEO has been found guilty on all seven charges of defrauding his customers and conspiracy.
READ ALSO:United States Government Sold Bitcoin Prematurely Causing $6B Lost Gains
This legal action against the failed FTX CEO has come to display the excesses in the volatile crypto space.
Finally, after many months of trial, which revealed rampant hubris and risk-taking throughout the cryptocurrency industry, Sam Bankman-Fried was convicted last Thursday.
Fast Facts
- The upcoming sentencing date has been scheduled for March 24 next year. This caused many speculations about how long the former mogul would get as jail time, which may be up to 115 years.
- However, nobody knows what will become of the government’s key witnesses, such as Gary Wang, Nishad’s girlfriend and Caroline Ellison, former CEO of Alameda Research.
- These people were formerly friends and colleagues of SBF who testified against their former employer, but despite their cooperation with the prosecution, they may still face prison terms.
- However, they are hoping for a more lenient jail sentence, but the result is still uncertain.
- Meanwhile, the result of the Bankman-Fried sentencing is now in the hands of Judge Lewis Kaplan. The Judge will have to spend the following months before March 24 2024, to deliberate by himself.
- There have been varying predictions from experts concerning the jail time of SBF, which ranged from 15 to 25 years due to the gravity of Sam Bankman-Fried’s offence.
- However, the 78-year-old no-nonsense Judge will have to weigh factors such as cooperation, remorse and the effect of SBF’s actions on victims.
What’s Happening In Crypto Today?
At the time of this writing, the price of Bitcoin has risen to $35,108.36 while recording a decline in market cap of 0.09% and an increase in trading volume of 27.69%.
On the side of Ethereum, it is changing hands at $1,887.96, with a drop in market cap of 0.05% and an increase in trading volume by 36.88%.
- While Tether USDT is trading at $1.00, it sees a slight drop in market cap of 0.01% and an increase in trading volume by 28.92%.
- On the other hand, BNB currently sells at $244.41, with a slight increase in market cap by 0.53% and a drop in trading volume by 2.86%.
- Whereas, XRP at this moment is selling at $0.6934 while recording an increase in market cap by 11.05% and an increase also in trading volume by 176.52%.
