Today is the last week of the first quarter, 15 months after FTX's collapse, and the final week of Sam Bankman Freed's criminal trial. Bankman Fried will be sentenced by Judge Lewis Kaplan, who has presided over the trial from the beginning. This Thursday, March 28th.
The Bankman Fried ruling is not the only big crypto-related event coming this week, nor is it the only big event in the FTX saga. Read on to find out what to expect in cryptocurrencies starting this week.
SBF's sentencing rests on one man
U.S. prosecutors, led by New York's Southern District Attorney Damian Williams, asked Judge Kaplan to lock up Bankman Fried for 40 to 50 years for orchestrating “perhaps the largest fraud of the past decade.” Meanwhile, Bankman-Freed's family, supporters and even his prison roommate have called for clemency, highlighting his struggles behind bars. Bankman Freed's attorneys are recommending a much lighter sentence of 63 to 78 months.
Mr. Bankman Fried will now be sentenced by Judge Kaplan. Bankman Fried's lawyers have sometimes angered the intelligent 79-year-old, but his questions and suggestions during the trial showed a deep understanding of FTX's collapse. Mr. Kaplan's treatment of Bankman Freed and his co-conspirators who testified against him will undoubtedly set a precedent for similar financial fraud cases in the future.
But the story of FTX goes beyond Bankman Freed. This week, Unabomber prosecutor Robert Cleary was given the green light to investigate FTX law firm Sullivan & Cromwell, which advised the company before and after its bankruptcy.
“S&C deceived Mr. Bankman Freed into controlling FTX… [new CEO John] “Ray (selected by S&C) promised Bankman Freed that he would play a key role in the reorganization, a promise S&C certainly knew was false,” Sullivan and Cromwell said. two law professors wrote this week, referring to Mr.
Optimism and dYdX unlock tokens
In token unlocking news, Layer 2 network Optimism is scheduled to unlock 24.16 million OP tokens worth approximately $91.5 million at current prices on Friday, March 29, according to token unlock data. . Decentralized exchange dYdX plans to unlock approximately 33.33 million tokens. Sunday, March 31, at current prices of $110 million.
Other important unlocks: On March 27, gaming community company Yield Guild Games unlocks $16.7 million worth of tokens, and decentralized AI service SingularityNet unlocks $9.3 million worth of tokens. On March 30th, blockchain gaming platform Echelon Prime will unlock $37.5 million worth of tokens, and layer 1 network Sui will unlock $6 million worth of tokens on the same day.
Where will Dokwon end up?
Do Kwon, founder of Terraform Labs and the Luna cryptocurrency, was released from prison in Montenegro this week. It remains unclear whether Do Kwon will be extradited to South Korea or the United States. Both jurisdictions have yet to decide where he will end up.
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