24/7 Space News
Relief in crypto world over Bankman-Fried conviction
Relief in crypto world over Bankman-Fried conviction
By Thomas URBAIN
New York (AFP) Nov 3, 2023

Cryptocurrency backers on Friday celebrated the fraud conviction of the industry's one-time golden boy Sam Bankman-Fried, hoping the embattled sector can finally turn the page on a multibillion dollar scandal.

The "verdict should hopefully mark the end of a dark era in our industry," said Yat Siu, president of Animoca Brands, a video game publisher and investor in projects linked to blockchain, the underlying technology of cryptocurrencies.

On Thursday, a New York jury found Bankman-Fried, known as "SBF," guilty of all seven counts against him, including fraud, conspiracy and money laundering.

He was convicted of using customer funds deposited on his FTX cryptocurrency exchange platform to fuel risky investments and trades by his personal investment firm, Alameda Research.

Bankman-Fried faces more than 100 years in prison at sentencing scheduled for March 28, 2024. He is expected to appeal.

The "swift and unanimous verdict confirms what we already knew: that SBF misled and deceived so many, from customers and employees to business partners and investors, including myself and Sequoia," said Alfred Lin, partner at Sequoia, one of Silicon Valley's most reputable venture capital firms.

Thursday's decision "means another dead weight has been pried off of bitcoin. This is good... Onward," wrote Jeff Ross, founder of Vailshire Capital Management, which invests in cryptocurrencies on behalf of clients, on X.

The FTX implosion late last year was the dramatic conclusion of a sequence that began in the spring of 2022 when a series of cryptocurrency-related companies began to fail.

This period saw the value of bitcoin, the industry bellwether currency, plunge by two-thirds between the end of March and the end of November 2022.

Bitcoin took nearly a year to recover, and has only regained momentum in recent weeks.

"It's not a day to celebrate," tempered Hayden Adams, founder of Uniswap, a cryptocurrency exchange platform.

"Billions in user funds were lost and our industry took a massive reputational hit. The only winners were a few law firms and various opponents of crypto," he added.

Nick Tomaino of investment firm 1confirmation pointed the finger at venture capitalists "who gave SBF hundreds of millions of dollars (and) are now taking victory laps because of a guilty verdict."

There was no "accountability for their horrible judgment or the soulless greed that sucked them into such a massive fraud."

Adams urged: "In the next cycle, our industry must do better."

The industry must "focus on technology and our values, spot the warning signs and avoid the personality cult sociopaths," he said.

Related Links
Satellite-based Internet technologies

Subscribe Free To Our Daily Newsletters

The following news reports may link to other Space Media Network websites.
Sam Bankman-Fried, the fallen wunderkind of cryptocurrency
New York (AFP) Nov 3, 2023
He was the face of cryptocurrency, and a young one at that - a media darling seemingly destined to unite the sector. But the stunning rise of Sam Bankman-Fried and his FTX platform would be matched by an equally spectacular fall, after it was revealed that billions of dollars of clients' funds had been moved and spent without their consent. A federal jury in New York has convicted Bankman-Fried of leading the fraudulent scheme, for which 31-year-old former tycoon now faces the possibility of sp ... read more

Australian school students are experimenting with 'space veggies' in a NASA initiative

NASA updates Commercial Crew planning manifest

Russian space boss warns ISS equipment beyond warranty

Putin says first segment of ISS replacement to orbit by 2027

SpaceX launches 23 Starlink Internet satellites after aborted mission

Hot summer for Europe's reusable rocket engine

Nighttime rehearsal for Ariane 6 towards first flight

Marking 25 Years since Deep Space 1 kickstarted Ion propulsion

Scientists discover molten layer covering Martian core

NASA is locating ice on Mars with this new map

Mystery of the Martian core solved

Ascending Fang Turret: Sols 3991-3993

Chinese astronauts return to Earth after 'successful' mission

China discloses tasks of Shenzhou-17 crewed space mission

Shenzhou 17 docks with Tiangong Space Station

China able, ready to invite foreign astronauts to its space station

New technologies for the future of European space

Follow NASA's Starling Swarm in Real Time

Fugro SpAARC's operations set to grow with new funding from Western Australian Govt

French Space Days India 2023 celebrates Indo-French collaboration

NASA-ISRO radar mission to provide dynamic view of forests, wetlands

Space rocks and asteroid dust are pricey, but these aren't the most expensive materials used in science

NRL ISS Mission seeks new bioinspired materials

The tech to recycle clothes is only just being invented

ET phone Dublin? Astrophysicists scan the Galaxy for signs of life

Exoplanet-informed research helps search for radio technosignatures

Webb detects tiny quartz crystals in clouds of hot gas giant

Extreme habitats: Microbial life in Old Faithful Geyser

Salts and organics observed on Ganymede's surface by June

New jet stream discovered in Jupiter's upper atmosphere

Uranus aurora discovery offers clues to habitable icy worlds

How NASA is protecting Europa Clipper from space radiation

Subscribe Free To Our Daily Newsletters

The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.