Sign Up on MEXCSequoia Capital Partner Alfred Lin Reacts to SBF Fraud Conviction
Hours after the conviction of Sam Bankman-Fried (SBF) in a fraud case, Sequoia Capital Partner Alfred Lin reacted to the pronounced verdict.
Taking to X, (formerly Twitter), Alfred Lin said, that the unanimous verdict of SBF being guilty of fraud is something we already knew. He said, “SBF misled and deceived so many.” In his tweet, Alfred Lin said, that from customers and employees to business partners and investors, everybody including him, Sequoia was the victim of SBF’s fraud after the FTX collapse.
Lin Says Sequoia Capital was Misled by Lies of FTX
Alfred Lin, partner with Sequoia Capital who made an investment of $225 million in FTX said, that after FTX collapsed, Sequoia Capital immediately reviewed its due diligence process and evaluated its 18-month working relationship with SBF.
In the conclusion, Lin said that Sequoia Capital had been intentionally misled and deceived by lies. He also added that they remained silent during the establishment of the case and trial by the prosecution over the past year.
Now that the trial is over, Alfred Lin expressed relief and said, they knew this would have been as everybody now knows about the lies of FTX owned by Sam Bankman-Fried.
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Sam Bankman-Friend Convicted with 7 Criminal Charges
After months of trials and legal procedures, crypto exchange FTX founder Sam Bankman-Fried was found guilty of all the 7 criminal counts he faced. The unanimous verdict was no less than an endgame of the biggest fraud committed in the history of the United States.
The FTX collapse in November 2022 marked one of the darkest phases for the crypto market, with the unfolding of the decline leading to losses to the tune of billions of dollars for individual investors.
Alfred Lin was also one of the failed investors in the FTX crypto exchange company. Notably, in 2021, Lin made a failed investment of $225 million on FTX and represented Sequoia on its Advisory Board.
Now that the trial of SBF in terms of criminal charges pressed is over a unanimous verdict is over and he has been pronounced guilty. The sentencing in the case, likely to be years of imprisonment is expected to be made later, on March 28, 2024.
Furthermore, FTX’s owner Sam Bankman-Fried will likely face additional bribery charges to foreign officials and campaign finance violations.
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