FTX Founder Found Guilty: Crypto Community Reacts
In anticipation of the verdict of Sam Bankman-Fried (SBF), scheduled for March 28, 2024, the crypto community is abuzz, sharing their opinions on the trial of the disgraced founder of FTX, a defunct crypto exchange.
The news of Sam Bankman-Fried being found guilty on all charges has sent ripples through the crypto markets. Bitcoin, the leading cryptocurrency, experienced a slight dip in price after the verdict was announced. However, the overall impact on the market has been contained.
While some may see this as a setback for the crypto industry, others view it as a significant step towards a more regulated and mature market. Experts believe that the court's decision marks the end of an era of risky and illegal practices, paving the way for greater adoption of digital assets and blockchain technology.
According to Brian Mosoff, CEO of Ether Capital Corp., this conviction exposes the dark underbelly of the industry, bringing an end to the era of "Wild West exchanges, fraudulent assets, fraud."
"Success, fame, and money were the early-in-the-story words to describe Sam's empire, but the final will be deception, fraud and justice."
Brian Mosoff, CEO of Ether Capital Corp.
Angelina Kwan, CEO of regulatory consultancy Stratford Finance Ltd., sees this ruling as a turning point for the crypto winter that began with the downfall of FTX. She believes it gives investors and traders more confidence in the industry's commitment to enforcing regulations and ensuring a safe and transparent market.
"We will look back at this moment and say this was the first step out of the crypto winter that the demise of FTX contributed to."
Angelina Kwan, CEO of Stratford Finance Ltd.
While the trial may be over, the drama continues. Inner City Press reporter Matthew Russell Lee shares an interesting observation from the courtroom, highlighting the expectation that Sam Bankman-Fried's lawyer would request his release, arguing that he can no longer tamper with witnesses after being convicted.
Sam Bankman-Fried's conviction marks the end of a tumultuous chapter for FTX, the collapsed crypto exchange. As the legal proceedings come to a close, all eyes are now on the sentencing, scheduled for March 28, 2024. The outcome of this case will undoubtedly have lasting ramifications for the crypto industry as a whole.
