SBF Convicted In 7 Counts Of Fraud, Red Alert For Solana Posed

This week ended with an event many of us may have seen coming regarding the Sam Bankman-Fried affair—a lengthy jail time for the “King of Crypto.” The once-acclaimed figure in the cryptocurrency community was given a reality check by the jury with multiple guilty verdicts.

The Recent Drama on the SBF Courtroom Saga

A few hours ago, a New York jury passed judgment on the Sam Bankman-Fried (SBF) lawsuit. The jurors solidary handed down a unanimous guilty verdict on all seven counts of fraud slapped against the ex-billionaire CEO of FTX crypto exchange after merely five hours of deliberations.

The pronouncement came at the zenith of the SBF chronicle which started from the tumble of his empire to his eventual apprehension. Now, the billionaire awaits for Judge Lewis Kaplan to strike the gavel on March 28, 2024, for his possible 115-year sentence.

There are news, however, that the defense of the broken billionaire may be cooking up an appeal.

What Each Count of Fraud for SBF Represents

According to CNN Business, each count of fraud corresponds to a specific crime that Bankman-Fried perpetrated against a certain collective of presumed victims. It means particular charges correlate to the way he defrauded customers in his capacity as the boss of FTX while the others were orchestrated under the umbrella of his influence on Alameda Research.

The lawsuit involving FTX’s sister company included claims of SBF bamboozling lenders and committing money laundering maneuvers to conceal his tracks. The ultimate pay-off of the scheme should’ve seen the 31-year-old net around $10 billion.

One of the Biggest Frauds Over US History

US attorney Damian Williams commented in a BBC News interview that the exploits of SBF may have been “one of the biggest financial frauds in American history.” The lawyer added that the perverse but methodical puppeteering of all the characters involved has forged his façade as the “King of Crypto.”

Solana on the Brink of Crash

As the fog of war cleared in the courtroom, the aftermath of the Bankman-Fried ruling bizarrely left Solana (SOL) and other FTX holdings undisturbed. In fact, these assets were actually “flying high” based on Coindesk.

For extra context, Solana just happens to be the favorite cryptocurrency of FTX, looking at its coffers. Citing a CoinGecko report, the fallen kingdom of SBF has in custody of about $1.162 billion worth of SOL. This is followed by a ginormous haul of cryptos, including:

• BTC: $560 million
• ETH: $192 million
• APT: $137 million
• USDT: $120 million
• XRP: $119 million
• BIT: $49 million
• STG: 46 million
• WBTC: $41 million
• WETH $37 million

These top 10 tokens in the digital vaults of the disgraced crypto exchange were responsible for stimulating the value of FTX assets approximately by a billion during the past few weeks’ major market rally.

While Solana is forecasted to remain bullish for the time being, analysts are now observing a sell pressure looming as it registered a 14-month high on Wednesday at $46. The bleak viewpoint can be attributed to the recent unstaking of FTX of around $65 million SOL.

Final Thoughts

The court decision on the Sam Bankman-Fried case serves as a precautionary tale that crime does indeed pay. With an appeal possibly on the horizon as the last desperate stand of the ex-CEO, let’s bring out our popcorn for more of the legal drama ahead.