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The global crypto market cap is $1.29 trillion with a 24-hour volume of $42.52 billion. The price of Bitcoin is $34,607.75 and BTC market dominance is 52.5%. The price of Ethereum is $1,815.01 and ETH market dominance is 17.0%. The best performing cryptoasset sector is Adult, which gained 7%.
Several members of the community agreed that the guilty verdict was the right outcome for the case.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Sam Bankman-Fried’s (SBF) trial in New York under Judge Kaplan has ended with the jury finding him guilty of all charges brought against him.
The news has created a buzz within the crypto community, generating several reactions from major stakeholders within the industry.
CryptoSlate has curated some of these reactions below:
Hayden Adams, Uniswap’s founder, noted that the guilty verdict doesn’t necessarily translate to a victory for the crypto industry as “billions in user funds were lost and our industry took a massive reputational hit.”
However, he conceded that the verdict was the “right outcome.”
Adams further characterized SBF’s actions and strategies as detrimental to the broader crypto community, saying:
“I don’t buy his effective altruism at all – I think its a clever marketing shtick. Basically, he profits off sketchy business that harms people but gets to call himself an altruist because he claims he will eventually give all his money away”
He added that the real beneficiaries are a select group of law firms and crypto skeptics who will continue to use the incident to beat the industry.
“Next cycle, we need to do better as an industry – focus on the tech + our values, recognize the warning signs, and ignore the personality cult sociopaths,” Adams added.
Alfred Lin, a partner with venture capital firm Sequoia, said:
“Today’s 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.”
Lin continued that the firm’s reevaluation of its due diligence also showed that the disgraced founder “deliberately misled and lied” to investors.
Meanwhile, Erik Voorhees, the founder of ShapeShift, used the opportunity to point out the role regulators played in the situation. Voorhees said:
“Let’s remember that he operated “the safe and regulated” exchange, and not a single regulator caught him. It was, instead, the market, which is not only a great fountain of innovation, but also the best arbiter of discipline and justice.”
Adam Cochran, a managing partner at Cinneamhain Ventures, emphasized that the SBF trial serves as a stark reminder for others in the crypto space. According to him, accountability catches up with those who play with people’s funds, and the first to cooperate usually faces the lightest penalties.
Cochran further noted that Bankman-Fried’s legal predicament was substantially worsened by the incriminating testimony of former associates, including former Alameda Research CEO Caroline Ellison.
He concluded that:
“Caroline and others came forward first and will face minimal time…So do you really trust your coconspirators when it’s all on the line?”
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Newconomics 2023 will be a multi-day conference in Lisbon dedicated to dissecting the future of web3 technology and its intersection with global economics.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Hayden Adams is the inventor of Uniswap Protocol, an open-source protocol for providing liquidity and trading ERC20 tokens on Ethereum.
Erik Voorhees stands out as one of the foremost advocates and entrepreneurs in the Bitcoin space, recognizing the digital currency as a groundbreaking invention with transformative potential for humanity.
Adam Cochran runs the niche venture fund Cinneamhain Ventures.
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Designed with simplicity in mind, the Uniswap protocol provides an interface for seamless exchange of ERC20 tokens on Ethereum.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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