Home
News
- 1 Sam Bankman Fried’s lawyers appealed to the court to reconsider the suggestion of 100 years in prison.
- 2 SBF’s team termed the suggested pre-sentencing of 100 years as “grotesque.”
- 3 Marc Mukasey, a lawyer who once represented the former president of the United States, Mr. Donald J. Trump is now defending the co-founder of FTX.
SBF’s lawyers are seeking a softer sentence for the primary culprit of the 2022 FTX debacle. In the most recent court filing, the legal panel of Sam Bankman Fried appealed to the court to rethink the time in prison.
It is important to note that after he was found guilty, he released his lawyer and hired Marc Mukasey, a lawyer who once represented the former president of the United States, Mr. Donald J. Trump.
SBF’s team termed the suggested pre-sentencing of 100 years as “grotesque.”
In the latter half of 2022, a series of leaked balance sheets of FTX’s sister organization Alameda Research exposed the gross mismanagement of funds at the cryptocurrency exchange. At the time of the revelation, FTX counted among the top centralized exchanges. Following the collapse of FTX, the entire crypto market slipped into the bearish zone, with Billions of dollars flowing out of the crypto market. A series of bankruptcies followed. Several other disruptive events including TerraLUNA, Celsius, and others, occurred around the same time.
Before the launch of FTX, Sam Bankman Fried was a renowned trader, and at the time, he was named in Forbes in 2021 as the youngest Billionaire in the world. When he was featured in Forbes, he had a net worth of $22.5 Billion.
Market Investment of FTX
FTX flourished significantly in just a few months and dragged the entire market’s attention towards it at a time when it was the second most significant and most used centralized cryptocurrency exchange.
SBF and some of his employees have made individual investments in some crypto-based firms; the data about their investments is publicly available on Crunchbase.
FTX spent Millions to sponsor Formula 1 racing; the exchange was also in a deal to sponsor the Miami arena; the deal was worth $135 Million, but following its demise, it was terminated.
Influential Connections of FTX
FTX had promotional contracts with dozens of celebrities, including Larry David, Gisele Bundchen, David Ortiz, Naomi Osaka, and Shohei Ohtani. Some of them have already received court summons for promoting FTX.
FTT Price Movement Post FTX Collapse
FTT token soon became profitable after its launch in 2019; at that time, it was one of the most reliable tokens. The all-time high of FTX’s native token is $85.02, it was trading at $1.75 as of writing.
Until November 25, 2022, FTT was trading above $25, but the leaked balance sheet pages of Alameda Research, an investment arm of FTX, triggered a sharp price decline. Caroline Elison, the alleged girlfriend of Sam Bankman Fried, led Alameda Research. No reversal or improvement in the FTT trading price was seen after November 25, 2022.
Crypto Market Price Updates
When bitcoin (BTC) was trading at $58,955, the trading price growth pumped the crypto market cap above $2 Trillion. Ethereum, the second most talked about crypto in the market, has grown more than 12% in the last seven days; at the time of publication, ETH was trading at $3,201.
Market observers state that the price of Bitcoin will cross $65k following its 4th halving. In Bitcoin halving, the reward given to the block miner will be cut in half, compared to earlier rewards.
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.
