Coming next week: Sam Bankman-Fried is set to be sentenced in court on seven counts of fraud and conspiracy as FTX's chosen law firm comes under attack.
As the first quarter ends, Optimism and dYdX will unlock a total of $200 million in tokens.
Read on to find out what else is happening in the cryptocurrency space next week.
It’s the last week of the first quarter and the final week of Sam Bankman-Fried’s criminal trial 15 months after FTX’s collapse: Sam Bankman- Fried is scheduled to be sentenced by Judge Lewis Kaplan, who has presided over his trial from the beginning, this Thursday, March 28.
The Bankman-Fried verdict isn’t the only big story in the cryptocurrency space this week, nor is it the only big thing in the FTX story. Read on to find out what to expect in the cryptocurrency space next week.
SBF sentencing depends on one man
U.S. prosecutors, led by Damian Williams, the U.S. attorney for the Southern District of New York, asked Judge Kaplan to jail Bankman-Fried for 40 to 50 years for his role in planning "possibly the last decade of "The biggest fraud of the year". Meanwhile, Bankman-Fried's family, supporters and even prison cellmates have pleaded for clemency, highlighting his struggles in prison so far. Bankman-Fried's attorneys recommended a lighter sentence of 63 to 78 months.
Bankman-Fried's sentencing will now be handed down by Judge Kaplan. While Bankman-Fried's lawyers occasionally irritated the savvy 79-year-old, his questions and suggestions during the trial demonstrated his deep understanding of FTX's debacle. Kaplan's handling of Bankman-Fried and the co-conspirators who testified against him will undoubtedly set a precedent for similar financial fraud cases in the future.
The FTX story doesn’t stop with Bankman-Fried, however. This week, Unabomber prosecutor Robert Cleary was given permission to investigate FTX's law firm Sullivan and Cromwell, which advised the company both before and after the bankruptcy.
“S&C may have violated its ethical obligations of confidentiality, candor and loyalty…by deceiving Bankman-Fried into handing control of FTX to [new CEO John] Ray (who was chosen by S&C) and promising Bankman- Fried will play a major role in the reorganization — and S&C must have known the promise was a mistake," two law professors wrote this week, referring to Sullivan and Cromwell.
Optimism and dYdX lead token unlocks
In terms of token unlocking news, according to Token Unlocks data, Layer 2 network Optimism will unlock 24.16 million OP tokens on Friday, March 29, worth approximately $91.5 million at current prices. The decentralized exchange dYdX will unlock 33.33 million tokens, worth approximately $91.5 million at current prices. $110 million at current prices on Sunday, March 31.
Other big unlocks: On March 27, gaming community company Yield Guild Games will unlock $16.7 million worth of tokens, and decentralized artificial intelligence service SingularityNet will unlock $9.3 million worth of tokens. On March 30, blockchain gaming platform Echelon Prime will unlock $37.5 million worth of tokens, while Layer 1 network Sui will unlock $6 million worth of tokens on the same day.
Where will Do Kwon end up?
Do Kwon, the founder of Terraform Labs and the luna cryptocurrency, was released from a Montenegrin prison this week. It is unclear whether Do Kwon will be extradited to South Korea or the United States; both jurisdictions have yet to decide his final destination.
