The founder of FTX, Sam Bankman-Fried, has been found guilty in a trial related to a cryptocurrency scandal. He could face up to 110 years in prison. This trial is about wrongdoing in the cryptocurrency world, and it didn't take long, lasting only four weeks.

While Bankman-Fried admitted to some mistakes, he denied fraud. However, the jury believed he cheated people. The sentencing is set for March, and he might receive a 20 to 30-year prison term.

Notably, famous figures like model Gisele Bündchen and football star Tom Brady invested heavily in his company. But things took a turn when the company faced financial troubles and eventually collapsed.

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Crypto speak: SBF

“SBF” stands for Sam Bankman-Fried, the founder of the FTX crypto exchange, which, last year, was ranked second among all major rankings of cryptocurrency trading platforms behind only Binance.

In the fall of 2022, the FTX platform collapsed. There were a lot of discussions and theories surrounding its demise (there is even a widely held theory that FTX was eliminated by the well-known CZ). But anyway: SBF is now under investigation and in jail, and his next trial is scheduled for October 3.

SBF himself recently described himself as “one of the most hated people in the world.” The former FTX head faces up to 115 years in prison (that’s not a typo).

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#Bankman-Fried

New Details Emerge about SBF’s Life in Prison

A former inmate at the Brooklyn Metropolitan Detention Center has revealed details of Bankman-Fried’s life in prison leading up to his landmark fraud trial.

Talking to crypto content creator, Tiffany Fong, former inmate Gene Borello claimed the FTX founder was at one point on suicide watch and did not eat or shower for several days.

Borello claims a fellow inmate attempted to extort the “timid” Bankman-Fried by suggesting he pay a fellow inmate for “protection,” claiming “they knew he had a lot of money.”

Subsequently, Borello confronted the prisoner in Bankman-Fried’s defense, leading to a physical altercation that caused Borello to spend time in solitary confinement.

“You could tell he didn’t want to be there,” Borello said of Bankman-Fried. “He was just nervous.”

Moreover, Borello claimed Bankman-Fried “just didn’t understand” that he could face a sentence that would amount to life in prison.

According to an alleged conversation Fong had with the FTX founder, Bankman-Fried said he believed his chances of getting off with no jail time were “around 50/50.”

“He believed he was only getting twenty years,” Borello said.

While Bankman-Fried’s sentencing is not scheduled until March 28th, 2024, the former FTX CEO and founder could face a maximum sentence of 115 years in prison, a term length Borello disagrees with.

“You mean to tell me that a guy who stole money is going to get life in prison and never hurt a person in his life?” Borello told Fong. “I don’t agree with that.”

On November 2nd, Bankman-Fried was found guilty on seven different fraud-related charges following a grueling month-long trial that saw multiple of his former associates and closest friends testify against him.

When asked whether or not Bankman-Fried expected the guilty verdict, Borello said no.

“He was not worried about the case,” claimed Borello.
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The defense #team of crypto founder Sam Bankman-Fried is considering appealing for a trial postponement, with a decision deadline of September 7. This follows a recent virtual hearing during which Judge Lewis Kaplan indicated openness to the idea of a delay. Bankman-Fried's lawyers have expressed concerns about their client's ability to adequately prepare for the upcoming trial.

However, the chances of a trial postponement appear slim, as Assistant U.S. Attorney Danielle M. Kudla argued that #Bankman-Fried has sufficient time and resources for preparation. Bankman-Fried is currently facing two separate trials, one scheduled for #October 3 to address seven criminal fraud charges and another in #March #2024 for six additional accusations. His legal team had previously requested his temporary release, citing challenges in reviewing extensive evidence without proper resources. This legal development highlights the complex legal proceedings surrounding the crypto industry and its prominent figures.

⚠️Attention, everyone, for reliable insights and accurate predictions, make sure to follow my updates closely.

In a significant development, a US District Judge has handed #Bankman-Fried a 25-year prison sentence. Once a prominent figure in the cryptocurrency realm, he expressed remorse to his former colleagues at FTX, acknowledging that he had let them down and betrayed their trust.

Bankman-Fried admitted his failures in court, acknowledging that he had squandered the legacy they had collectively built. His sincere apologies extended to every individual affected by his actions.

Stay informed with updates on $FTT $BTC $XRP.

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According to a Reuters poll of economists, Bank Indonesia is anticipated to maintain its key policy rate at 6.00% on Thursday, likely holding it at this level until mid-2024. This expectation aligns with recent inflation rates within the bank's 2%-4% target range, indicating manageable price pressures in Southeast Asia's largest economy.

The unexpected rate hike of 25 basis points by Bank Indonesia on October 19 aimed to bolster the rupiah, which had seen an 8% decline against the dollar. Since then, the currency has recovered nearly 2%, trading around 15,540/$ as of Monday. The rupiah's resurgence was partly fueled by expectations of the U.S. Federal Reserve halting rate hikes, buoying not just the rupiah but other Asian currencies as well.

In the November 14-20 Reuters poll, a substantial majority of economists (27 out of 31) expected Bank Indonesia to maintain its benchmark rate at 6.00%. However, four economists predicted a quarter-point hike to 6.25%. While the median forecast suggests no interest rate changes until at least the second quarter of 2024, there's a divergence of opinions among economists regarding the future trajectory of the key rate.

#Bankman-Fried

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