- 1 The Chief Legal Officer of Coinbase criticized the decision of the U.S. prosecutor to drop the case against Sam Bankman.
- 2 Paul Grewal said the decision is a “miscarriage of Justice” in his X post.
- 3 When writing, FTT was trading at $3.13. In the past six months, the FTT token improved 109%.
The crypto industry essentially criticizes the recent decision of the U.S. prosecutor, as the statement was to drop the remaining allegations against Sam Bankman Fried (SBF), the convicted co-founder of FTX.
The Chief Legal Officer of Coinbase believes that U.S. prosecutors’ decision to drop the case is a “miscarriage of justice.”
The public interest in public broadcasting of charges quite often matters. Grewal wrote, “Campaign finance charges are at the top of this list.” he added “What government officials and others knew what and when are basic inquiries that merit responding to.”
Investigators, driven by U.S. Lawyers for the Southern Region of New York, Damian Williams, have likewise chosen not to seek after a charge of unlawful political gifts that was cut off from the first prosecution because of a debate with the Bahamas over Bankman’s extradition.
Republicans voiced their displeasure, pointing out that Bankman-Fried was a significant donor to Democrats, contributing an estimated $5.2 Million to President Joe Biden’s 2020 campaign.
Prosecutors accused SBF of taking $8 Billion from customers of his cryptocurrency exchange, using the money to buy opulent real estate in the Bahamas, fund risky trades, and spend a lot of money on political donations.
Politicians Views Over Dismissals
Kennedy Jr. took to X to express his thoughts on the situation, noting that accusations against Bankman-Fried for allegedly contributing $100 Million in stolen client monies to various politicians had been dismissed.
He pointed out that the lack of public surprise at the selection indicates a more significant problem of normalized corruption inside the United States government.
The statutory maximum term, in this instance, is roughly 115 years. However, a scale varies for sentencing determined by recommended recommendations considering the significance of the offenses and the defendant’s prior criminal record.
However, crypto experts believe that the sentence might be above 50 years as the amount that was wiped out after the fix collapse was quite significant. The number of customers affected will also play an essential factor during decision-making.
FTT Price Movement Post FTX Failure
Before the demise of FTX, the FTT token price chart looked like most other leading ecosystem tokens. A sudden price decline was observed on November 2, 2022, when a reputed crypto media outlet reported on a leaked copy of Alameda Research’s balance sheet.
The news circulated as fire, which led to the sudden death of FTX.
A few hours after the reports on mismanagement of funds at FTX emerged, the FTT token lost a significant portion of its trading value, and in 48 hours, it fell below the $50 mark. When writing, FTT was trading at $3.13. In the past six months, the FTT token improved 109%.
As per market analysts, the FTT price is rising due to the back-to-back court decisions in favor of the users whose funds are stuck in the exchange account. But as per the data at press time, it declined over 2.88% in the past 24 hours.
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.