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Highlights
- In an interview with Bloomberg, Dennis Kelleher, CEO of Better Markets said cryptocurrency is a "lawless industry".
- Sam Bankman-Fried's sentencing saw the crypto market face huge scrutiny from worldwide.
- People are now questioning the legitimacy and security in the digital currency space.
The collapse of FTX and the sentencing of Sam Bankman-Fried raised questions on the legitimacy of the entire crypto world. In the middle of scrutiny, Better Markets CEO has advocated for the sentencing and jailing of former FTX executives.
Better Markets CEO Calls for FTX Executives to Serve Jail Time
In an interview with Bloomberg, Dennis Kelleher, CEO of Better Markets said cryptocurrency is a “lawless industry” with “no legitimate use case”. He also added that former FTX executives should see jail time and possibly even be banned from financial markets forever.
FTX Creator SBF Sentencing
In what was a setback for the crypto world, Sam Bankman-Fried, the creator of FTX, was found guilty of several offenses, including money laundering and fraud, which were connected to the demise of his cryptocurrency exchange, FTX. As a result, he was sentenced to 25 years in jail.
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Judge Lewis A. Kaplan oversaw the sentence hearings in Manhattan federal court. Bankman-Fried, who was 32 years old, might have received a sentence that was considerably longer—up to 110 years. This decision clarifies the turbulent circumstances that led to the sudden collapse of FTX, a once-thriving cryptocurrency exchange with a peak valuation of over $30 billion.
SBF Sentencing Leads to Heightened Scrutiny for Crypto Markets
Bankman-Fried’s sentencing saw the crypto market face huge scrutiny from worldwide. People are now questioning the legitimacy and security in the digital currency space. However, the collapse of FTX and the sentencing seems like a downfall that could happen in any market space.
At present, Bankman-Fried is subject to severe financial consequences, such as fines and reparations, in addition to being released under supervision. The court decided against imposing a direct restitution order due to the intricacy of the case and the number of victims. Rather, the government’s request to use a remission process to provide victims with assets that had eventually been forfeited was approved.
Bankman-Fried will serve an overall period of 300 months in the custody of the Federal Bureau of Prisons as part of the sentencing, which also includes jail time. This phrase emphasizes the seriousness of his acts and the seriousness of the transgressions.
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