In a current investigation by The New York Instances, new revelations have come to gentle 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 gentle on Bankman-Fried’s actions from the federal detention middle 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 vital controversies and was convicted of fraud final 12 months, has emerged as a notable supporter of Solana and has usually touted SOL as an undervalued digital asset.
Regardless of his legal troubles, Bankman-Fried continues to precise confidence in Solana’s potential as a quicker and less expensive various to Ethereum.
In line with sources acquainted with the matter, Bankman-Fried has been actively participating with guards on the Metropolitan Detention Middle, 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 crew lately filed a memo with the US District Court docket arguing for a sentence of 5 and 1 / 4 to 6 and a half years.
The doc emphasizes Bankman-Fried’s “remorse” for the hurt brought on by FTX’s collapse and his dedication to creating restitution to affected prospects.
Nevertheless, a probation officer has already really helpful a staggering 100 years in jail. In line with the report, even when the decide overseeing the case decides to not impose the maximum sentence, Mr. Bankman-Fried might nonetheless face a long time behind bars.
The decide “could still impose a very serious sentence given how young Mr. Bankman-Fried is – say, a 30- or 35-year sentence,” mentioned Miriam Baer, vice dean of Brooklyn Regulation College.
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 providers of latest attorneys, together with Marc Mukasey, identified for representing former President Donald J. Trump. One other legal professional from the agency of Shapiro Arato Bach has been appointed to deal with the attraction course of.
Bankman-Fried’s dad and mom, 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 out there to compensate FTX’s prospects. Nevertheless, overturning felony 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} popularity stay unsure. The influence of his involvement with Solana and the implications of his authorized battle continues to reverberate all through the cryptocurrency trade and past.
Presently, Solana’s native token SOL is buying and selling at $111.26, representing a slight enhance of two.5% prior to now 24 hours. Nevertheless, over the previous seven days, the fifth largest cryptocurrency by market capitalization has seen a notable enhance of 8%.
Featured picture from Shutterstock, chart from TradingView.com
