Sam Bankman-Fried’s Trial May Be Over, but The Bahamas Is Living Its Own Trial
Bankman-Fried may have been convicted, but The Bahamas appears to be dealing with the stigma of rolling out a red carpet for FTX.
Bankman-Fried may have been convicted, but The Bahamas appears to be dealing with the stigma of rolling out a red carpet for FTX.
The latest price moves in crypto markets in context for Nov. 14, 2023.
BlockFi filed for bankruptcy in late November last year, in part because of the ripple effects of the sudden collapse of FTX, which triggered an automatic stay that halted proceedings between the two.
The FTX estate says the funds were “preferentially” or “fraudulently” transferred to Bybit and affiliates in the lead up to its November 2022, bankruptcy filing.
The jury reached the verdict on the first anniversary, coincidentally, of the CoinDesk scoop that spurred the former crypto mogul’s downfall.
A verdict in the SBF trial could come before the end of Thursday – on the first anniversary of the CoinDesk scoop that caused his empire to crumble.
The jury will begin deliberations by the end of Thursday.
The value of FTX’s stake in Solana’s SOL token, for instance, has just added $1 billion in two weeks.
FTX-related wallets unstaked and transferred millions of tokens to exchanges, which could exert some selling pressure for the asset, one observer said.
The term may have implications for the fraud charges Bankman-Fried faces.