Sam Bankman-Fried Discovered Responsible on All Counts
On Thursday, November 2, 2023, a jury of his friends discovered Sam Bankman-Fried (SBF) guilty on all counts. The jury deliberated for solely 4 hours earlier than discovering the former FTX CEO responsible on seven fees of conspiracy, cash laundering, securities fraud, and wire fraud.
The prosecution and the protection should notify the courtroom by February 1 if the second SBF trial will proceed. SBF may go to trial in March 2024. Costs embody overseas bribery, allegedly paying a $40 million bribe to Chinese language officers. There are additionally conspiracy fees referring to unlawful political donations.
Sentencing for the first trial might be on March 28, 2024, earlier than which SBF will doubtless attraction the verdicts.
CryptoLaw US founder and Amicus Curiae lawyer John E. Deaton shared his views on SBF verdicts, saying,
“Name me onerous or insensitive or the rest you need, however I may NEVE really feel unhappy for Sam or his dad and mom underneath these circumstances. He didn’t take duty, personal his actions and present regret. He took the stand and lied by his enamel and even complained about being bullied by the authorities.”
Deaton added,
“The one factor unhappy is that his dad and mom, who owned luxurious actual property in their names, bought with different individuals’s cash, haven’t but been indicted.”
SBF confronted the full drive of the regulation, and in consequence, he may doubtlessly face a jail sentence of over 100 years.
WSJ Article Remained a Speaking Level
The WSJ Article about illicit finance and Hamas elevating thousands and thousands of {dollars} by crypto remained a sizzling subject.
Senator Cynthia Lummis spoke about the WSJ claims. Notably, neither Binance nor Tether are off the hook. Senator Lummis known as for the DOJ to complete its investigation and think about legal fees. The senator had this to say about linking crypto to illicit financing,
“An inaccurate report final week claimed Hamas raised almost $100 million by way of crypto property. In actuality, it was lower than $500,000. This encapsulated the false impression that crypto is a device for illicit finance when it accounts for lower than 1% of world illicit finance exercise.”
The senator shared statistics on illicit financing, which put illicit financing from crypto at $20 billion, vs. $2.9 trillion in whole illicit financing.