In a latest investigation by The New York Instances, new revelations have come to mild concerning the involvement of Sam Bankman-Fried, the disgraced co-founder of FTX, with Solana’s native cryptocurrency, SOL, and his ongoing authorized battle.
The report sheds mild on Bankman-Fried’s actions from the federal detention heart in Brooklyn, the place he awaits sentencing, and his makes an attempt to attraction his conviction.
Sam Bankman-Fried Stays Bullish On Solana?
Bankman-Fried, who has confronted important controversies and was convicted of fraud final 12 months, has emerged as a notable supporter of Solana and has typically touted SOL as an undervalued digital asset.
Regardless of his authorized troubles, Bankman-Fried continues to precise confidence in Solana’s potential as a quicker and more cost effective different to Ethereum.
In response to sources conversant in the matter, Bankman-Fried has been actively participating with guards on the Metropolitan Detention Heart, providing funding recommendation and recommending SOL as a possible alternative, demonstrating his bullish sentiment on the protocol and its use circumstances.
The report additionally highlights Bankman-Fried’s ongoing efforts to battle his case and search a extra favorable sentence. His authorized workforce not too long ago filed a memo with the US District Courtroom arguing for a sentence of 5 and 1 / 4 to 6 and a half years.
The doc emphasizes Bankman-Fried’s “regret” for the hurt brought on by FTX’s collapse and his dedication to creating restitution to affected clients.
Nevertheless, a probation officer has already really helpful a staggering 100 years in jail. In response to the report, even when the decide overseeing the case decides to not impose the most sentence, Mr. Bankman-Fried might nonetheless face a long time behind bars.
The decide “might nonetheless impose a really severe sentence given how younger Mr. Bankman-Fried is – say, a 30- or 35-year sentence,” stated Miriam Baer, vice dean of Brooklyn Legislation Faculty.
New Attorneys Gear Up For Attraction In FTX Fraud Case
To bolster his protection and cut back a sentence of this magnitude, Bankman-Fried has enlisted the companies of recent attorneys, together with Marc Mukasey, identified for representing former President Donald J. Trump. One other lawyer from the agency of Shapiro Arato Bach has been appointed to deal with the attraction course of.
Bankman-Fried’s mother and father, distinguished legislation professors at Stanford College, have additionally performed an lively function in his protection, rallying help and gathering character testimony.
The report additionally explores the broader narrative surrounding Bankman-Fried’s authorized battle. Sympathetic legislation professors like Ian Ayres and John Donohue have advocated reevaluating Bankman-Fried’s actions and the belongings obtainable to compensate FTX’s clients. Nevertheless, overturning prison convictions on attraction is uncommon, casting doubt on the success of those efforts.
Because the sentencing date looms, the implications for FTX and Bankman-Fried’s private {and professional} fame stay unsure. The impression of his involvement with Solana and the results of his authorized battle continues to reverberate all through the cryptocurrency trade and past.
At present, Solana’s native token SOL is buying and selling at $111.26, representing a slight improve of two.5% previously 24 hours. Nevertheless, over the previous seven days, the fifth largest cryptocurrency by market capitalization has seen a notable improve of 8%.
Featured picture from Shutterstock, chart from TradingView.com
