April 16, 2024

The founder of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), reportedly promotes Solana investment while in jail. The founder advised the prison guard to opt for Solana as a great choice in crypto investment.

SBF’s shilling for SOL in jail could trigger more scrutiny amid his present legal issues.

Moreover, his legal team is still battling to get a reduction in his prison sentence. The team filed for a reduced sentence as SBF could face 110 years imprisonment after a jury found him guilty. 

The former crypto mogul and founder of the collapsed crypto exchange FTX, Sam Bankman-Fried, has flipped over the bar. An anonymous source reported to the New York Times states that SBF promotes Solana (SOL) investment while in jail.

SBF has been under confinement in the Metropolitan Detention Center in Brooklyn since last summer. This was after a jury convicted him of fraud in a US Court previous year. In jail, SBF has been sharing crypto investment tips with prison guards.

The FTX founder highlighted the fifth-largest crypto by market cap, Solana, as a potential investment option. The recent move from the convicted crypto mogul is not surprising. Notably, SBF has been a top Solana proponent and has made substantial investment commitments to the token.

Moreover, he used FTX and the sister trading platform Alameda Research to invest massively in SOL before his conviction. Also, during his trial, SBF disclosed that he invested a portion of Alameda’s proceeds in Solana. He completed the deal when SOL traded at $0.20 per token.

SBF is awaiting his sentence from the court, and his legal team has been pushing to cut down his sentence terms. On Tuesday, February 27, the team filed a memo in the US District Court for the Southern District of New York. 

The filing requested that the judge pronounce a sentence between five and a quarter and six and a half years. 

Further, the document noted that SBF is deeply sorry for his actions. It acknowledged that the FTX founder had caused massive pain for investors over the past two years. Also, the memo recounted that SBF has been putting effort into correcting his mistake. It read:

His sole focus after the collapse of FTX was making customers whole.

The filing seems to be a necessary move from the lawyers before SBF’s sentencing on March 28. Notably, the Federal Judge Lewis A. Kaplan, who handles the case, will decide the ex-crypto mogul’s imprisonment term. SBF could face a maximum of 110 years according to laws regarding his crimes.

However, a group of legal experts has come together demanding a reappraisal of SBF’s actions. Also, his parents have sought help from FTX’s former employees. The effects of these efforts will be seen after the March court session. 

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