BREAKING: Sam Bankman-Fried Sentenced To 25 Years In Prison

In a highly anticipated courtroom verdict, Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. US District Judge Lewis Kaplan delivered the judgment during a Lower Manhattan federal courtroom hearing. Related Reading: The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records FTX Founder Sam Bankman-Fried Sentenced Judge Kaplan sternly criticized the defense’s argument, labeling it as misleading, logically flawed, and speculative. As reported by our sister site, Bitcoinist, Kaplan highlighted Bankman-Fried’s obstruction of justice and witness tampering during his defense, which were significant factors considered in the sentencing decision. Bankman-Fried expressed remorse in a statement, acknowledging that his series of “selfish” decisions as the leader of FTX had led to the exchange’s downfall. He admitted to having “thrown it all away” and expressed regret that continues to haunt him daily. Prosecutors had initially sought a maximum sentence of 50 years, while Bankman-Fried’s legal team argued for a maximum of 6 years. In November, Bankman-Fried was found guilty on seven criminal counts, and he has since been held at the Metropolitan Detention Center in Brooklyn. Life Plans Shattered Late Tuesday, prosecutors submitted documents containing testimonies from victims, shedding light on the impact of Bankman-Fried’s actions. One victim, whose name was redacted, wrote a letter dated March 15, describing the destruction of their entire life and the emotional toll it had taken on their family.  They emphasized that they had entrusted their funds to FTX as a custodian, not consenting to the risks Bankman-Fried had taken with their money. The victim shared the suffering that had led to depression and even thoughts of suicide. Related Reading: Fantom: Market Slowdown Chops Off 10% From Gains Heres Why During the trial, prosecutors revealed that Bankman-Fried had diverted funds from FTX customers, amounting to as much as $8 billion. These funds were allegedly used to finance a wide range of external interests, including political initiatives, speculative investments, and funding the lifestyles of FTX executives. Featured image from Shutterstock, chart from TradingView.com

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AI Cryptos Gain BIG as NVIDIA Soars and Shaq Faces FTX Lawsuit?

AI cryptos are gaining momentum, with NVIDIA experiencing significant demand. Meanwhile, former NBA star Shaquille O'Neal finds himself facing a lawsuit related to his involvement with FTX

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Sam Bankman-Fried arrived in the US: Prison time soon?

Two of SBF colleagues already pleaded guilty to related charges. After arriving to the US, will SBF plead guilty? Will SBF go to prison?

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THIS is how much Sam Bankman-Fried will Spend in Prison!

What is the notorious FTX founder accused of and how much will Sam Bankman-Fried spend in prison? Here's what you need to know.

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SBF Arrest: Good News for the Crypto Market?

Is the SBF arrest good news for the crypto market? What will happen to crypto prices? Let's analyze what happened so far.

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Crypto Lender Matrixport Seeks Funding at $1.5B Valuation Despite FTX Crash

Jihan Wu's Asian crypto lending giant brushes off the FTX crash.

Continue reading Crypto Lender Matrixport Seeks Funding at $1.5B Valuation Despite FTX Crash at DailyCoin.com.

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Will Binance Take Over the Crypto Market Following FTX Bankruptcy?

Will Binance take over the crypto market following FTX bankruptcy. Let's take a look at it in more detail.

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After FTX Crash: Which RISKY Crypto Exchanges might collapse?

Risky crypto exchanges might pop up anytime during these crises. In this article, take a look at the other biggest crypto exchanges.

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What is Happening with FTX? FTX is now being hacked or insiders are making a run with stolen funds?

What is the FTX token predicted to be worth by the end of 2022? Now, what exactly is happening with FTX? Let's see.

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FTX Update: This User withdrew MILLIONS from FTX, and SBF to Prison?

What will happen to FTX in the future? Let's try to answer as many questions as possible given the current situation and news of today.

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Binance Backs OUT from FTX Purchase: Renewed Crypto Market CRASH?

In this article, we go over the details of Binance canceling its deal to buy FTX. We'll also analyze the top 10 cryptos.

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Bitcoin Coinbase Premium Sinks To Lowest Since FTX Crash: Bottom In?

Data shows the Bitcoin Coinbase Premium Index has witnessed a plunge to two-year lows recently. Here’s what this could mean for BTC’s price. Bitcoin Coinbase Premium Index Has Plummeted Over The Past Month As explained by an analyst in a CryptoQuant Quicktake post, the BTC Coinbase Premium Index has seen a sharp drawdown into negative territory recently. The “Coinbase Premium Index” here refers to an indicator that keeps track of the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair). This metric’s value can tell us about the difference in the buying and selling behaviors of the investors present in the two cryptocurrency exchange giants. More specifically, the indicator represents how the moves of the American institutional entities (the dominant force on Coinbase) differ from those of the global whales. When the Coinbase Premium Index has a positive value, it means the asset is trading at a higher rate on Coinbase than on Binance. Such a trend implies that US-based whales participate in a higher amount of buying (or a lower amount of selling) than global investors. Related Reading: Bitcoin Decline Continues: Is $86,800 The Level To Watch? On the other hand, the metric being under the zero mark suggests that Binance users are the ones taking part in the higher amount of buying, as the coin is going for a higher price there. Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Index over the past year: As displayed in the above graph, the Bitcoin Coinbase Premium Index was at a positive level during the cryptocurrency’s exploration of new highs in the last two months of 2024. The pattern observed throughout the year was that the American institutional investors occupied the driving seat in the market, with shifts in buying and selling pressure from them reflecting in the asset’s price. Around mid-December, the indicator started to dip into the negative territory and has since maintained the trajectory. BTC’s spot value has also shown a downward trajectory alongside this trend, so it seems that Coinbase users continue to play a prime role in the sector. Following the latest continuation of the drop, the Coinbase Premium Index has dipped lower than the low from October. In fact, the indicator has now been at its lowest value since November 2022, more than two years ago. Related Reading: Bitcoin Sentiment Now Worst Since Mid-October: Reversal Signal? Considering that the Coinbase whales have been important for Bitcoin’s direction in the past year, the indicator being locked in a downtrend could spell further doom for the cryptocurrency’s price. That said, the asset has historically tended to bottom out when selling pressure has become too strong on Coinbase, as eventually new buyers start showing up to take coins at a cheaper rate off the hands of the sellers. The sharp negative spike alongside the FTX crash also resulted in a major bottom for BTC. It only remains to be seen, though, whether the FUD from the US-based investors has reached a high enough level for a bottom or not. BTC Price Bitcoin has kicked the new year off on a positive note as the asset’s price has seen a recovery rally to the $96,600 level. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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BREAKING: Did Solana Miss A Golden Opportunity To Collaborate With PayPal’s PYUSD Stablecoin?

Reports indicate that PayPal’s stablecoin, PYUSD, was originally intended to be launched in collaboration with FTX on the Solana blockchain in 2022.  However, unforeseen circumstances led to a sudden suspension of these plans. The collaboration between PayPal and FTX for the initial issuance of PYUSD on Solana was unexpectedly put on hold. According to Colin [...]

The post BREAKING: Did Solana Miss A Golden Opportunity To Collaborate With PayPal’s PYUSD Stablecoin? appeared first on Crypto Breaking News.

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