{"id":12105,"date":"2024-03-29T11:17:23","date_gmt":"2024-03-29T09:17:23","guid":{"rendered":"https:\/\/forklog.com\/en\/community-deems-sam-bankman-frieds-sentence-too-lenient\/"},"modified":"2024-03-29T11:17:23","modified_gmt":"2024-03-29T09:17:23","slug":"community-deems-sam-bankman-frieds-sentence-too-lenient","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/community-deems-sam-bankman-frieds-sentence-too-lenient\/","title":{"rendered":"Community Deems Sam Bankman-Fried&#8217;s Sentence &#8216;Too Lenient&#8217;"},"content":{"rendered":"<p>On March 28th, former CEO of the collapsed FTX, Sam Bankman-Fried (SBF), was sentenced to 25 years in prison. However, the crypto community viewed even this term as lenient.<\/p>\n<p>Dan Held, General Partner at Asymmetric, remarked that the sentence was &#8220;not nearly long enough given his [SBF&#8217;s] actions and the actual damage caused.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Breaking: SBF gets 25 years in prison. <\/p>\n<p>Not nearly long enough given his actions, feelings around his actions, and actual damage caused.<\/p>\n<p>\u2014 Dan Held (@danheld) <a href=\"https:\/\/twitter.com\/danheld\/status\/1773377661470982456?ref_src=twsrc%5Etfw\">March 28, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Jake Chervinsky, Chief Legal Officer at Variant Fund, compared the sentences of SBF and Ross Ulbricht, who received two life sentences plus 40 years for creating the darknet marketplace Silk Road.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">If you&#8217;re following all the news about SBF today, take one moment to reflect on Ross Ulbricht.<\/p>\n<p>SBF got 25 years. That&#8217;s a long time, but he&#8217;ll get out and have a life left afterward.<a href=\"https:\/\/twitter.com\/RealRossU?ref_src=twsrc%5Etfw\">@RealRossU<\/a> got two life sentences, plus 40 years.<\/p>\n<p>This is not justice.<a href=\"https:\/\/t.co\/nOnKQFkctx\">https:\/\/t.co\/nOnKQFkctx<\/a><\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a href=\"https:\/\/twitter.com\/jchervinsky\/status\/1773379331240194069?ref_src=twsrc%5Etfw\">March 28, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is not justice,&#8221; he wrote.<\/p>\n<\/blockquote>\n<p>Former NSA and CIA employee Edward Snowden expressed surprise at the &#8220;lenient&#8221; verdict for Bankman-Fried.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Damn, they gave him less for a much worse crime than <span data-descr=\"Wikileaks informant sentenced to 35 years in prison in the US\" class=\"old_tooltip\">Chelsea Manning<\/span>,&#8221; <a href=\"https:\/\/www.theblock.co\/post\/285468\/not-nearly-long-enough-world-reacts-to-sbfs-25-year-prison-sentence\">noted<\/a> Snowden [post deleted at the time of writing].<\/p>\n<\/blockquote>\n<p>Seraphim Cheker, Head of Development at Ethena.Labs, drew parallels with the case of Tornado Cash developer Alexey Pertsev, who faces up to five years in prison.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Doesn\u2019t it drive you mad<\/p>\n<p>SBF defrauds the whole world and gets 25 (will probs get out early)<\/p>\n<p>Pertsev on trial for writing a smart contract and is treated the same way or worse<\/p>\n<p>\u2014 Seraphim (@MacroMate8) <a href=\"https:\/\/twitter.com\/MacroMate8\/status\/1773381245830942911?ref_src=twsrc%5Etfw\">March 28, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Doesn\u2019t it drive you mad? SBF defrauds the whole world and gets 25 (will probs get out early). Pertsev on trial for writing a smart contract and is treated the same way or worse,&#8221; added Cheker.<\/p>\n<\/blockquote>\n<p>The sentence for Bankman-Fried could mark the end of a troubled era for the crypto industry, according to Michael Zilberberg, Head of Communications at Alt Tab Capital:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We are focused on the crypto market, and this trial is the end of its sad chapter. Enron did not mean all energy markets were fraudulent, and [Bernard] Madoff was not an indicator of all hedge funds. We believe in the reliability of the cryptocurrency market and support the prosecution of wrongdoers.&#8221;<\/p>\n<\/blockquote>\n<p>Influencer 0xSisyphus emphasized that the term for SBF is &#8220;short,&#8221; yet still significantly longer than the existence of the crypto industry.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">SBF\u2019s sentencing time is \u201cshort\u201d but still meaningfully longer than the amount of time the crypto industry has existed for<\/p>\n<p>\u2014 Sisyphus (@0xSisyphus) <a href=\"https:\/\/twitter.com\/0xSisyphus\/status\/1773380542098002063?ref_src=twsrc%5Etfw\">March 28, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\"><strong>Meme Tokens Featuring Sam<\/strong><\/h2>\n<p>Before and after SBF&#8217;s sentencing, the market was flooded with thematic meme tokens.<\/p>\n<p>Launched hours before the trial on the L2 solution Base, the coin Sam Baseman Fraud with the ticker FTX <a href=\"https:\/\/dexscreener.com\/base\/0x93ac4b6bd679c30f2867de89c0813a5bbf9baf96\">surged<\/a> by 23,300% in less than a day to a peak of $0.0145. However, the asset later corrected to $0.0034.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/cOS8GKoW-g4-WYUT7v0YQLdRI2SCstRysKu8rRg9OywIWV1jb9OeTkuUEfQ8V1auvzVaZACPJAIhYYUdJmKeMF2nQb8FLPMcGNgsnrxvFRjdW0cyeXNsNmuLNXQdyWiYtTbCptf-s7V6a7s4E3JTxow\" alt=\"Community Deems Sam Bankman-Fried's Sentence 'Too Lenient'\"\/><figcaption class=\"wp-element-caption\">15-minute chart of FTX\/USD on Uniswap. Data: DexScreener.<\/figcaption><\/figure>\n<p>According to DexScreener, at the time of writing, the market capitalization of FTX is $341,000.<\/p>\n<p>Simultaneously, a meme coin Som Bonkmon Fraud (SBF) appeared on Solana. The token quickly <a href=\"https:\/\/dexscreener.com\/solana\/4j44ezvk3rnwqnaehx6uubank9rm4fwflmp4vnkszlfx\">rose<\/a> from $0.000095 to $0.012 \u2014 a 12,500% increase. However, traders swiftly sold off the asset, crashing the price by 95% from its peak.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/vDhqnlCtoh5rR5-q7N_QJ5UB_9ONxKKBMC11hiZgoIPeEsJdtXkzU8Q2gDc301hoMjrULmbRJANctARFPqDd3UsBGHKVwoUoH1emBxzHQgOS_FwAp2kywXHL9j_tZRu7esTk4scWBuR7uFKQOtyLrqQ\" alt=\"Community Deems Sam Bankman-Fried's Sentence 'Too Lenient'\"\/><figcaption class=\"wp-element-caption\">15-minute chart of SBF\/USD on Raydium. Data: DexScreener.<\/figcaption><\/figure>\n<p>The coin joined a series of parody tokens of celebrities with misspellings like Danold Tromp and Olen Mosk. The market capitalization of one such meme coin \u2014 Jeo Boden (BODEN) \u2014 exceeded $200 million.<\/p>\n<p>The native token of the FTX exchange (FTT) fell by 20% to $1.90 following the sentencing of its founder.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/H-YC0miJTPJbnYGpNyvbdZXYNKXW5ixN1KodYgPgCa-DC5PUBJnhhYVOtxkMB680vXf2YmGsk2V4Jc1tVtMq54nhueTRFGLxLzDZAf7cePDoLcOt0WddrLPxsCsIscHb4RB3JRp7v8ra4aZM0cwQ9m8\" alt=\"Community Deems Sam Bankman-Fried's Sentence 'Too Lenient'\"\/><figcaption class=\"wp-element-caption\">15-minute chart of FTT\/USDT on Binance. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/FTTUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Back in late February, SBF&#8217;s lawyer Mark Mukasey requested a sentence for his client in the range of <a href=\"https:\/\/forklog.com\/en\/news\/lawyer-seeks-6-5-year-sentence-for-sam-bankman-fried\">63 to 78 months in prison<\/a>. The attorney described the proposed life sentence as too &#8220;grotesque.&#8221;<\/p>\n<p>The court received 29 letters in support of Bankman-Fried <a href=\"https:\/\/forklog.com\/en\/news\/family-of-sam-bankman-fried-appeals-for-leniency-in-court\">requesting leniency in his future sentence<\/a>, including from family members and a cellmate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 28th, former CEO of the collapsed FTX, Sam Bankman-Fried (SBF), was sentenced to 25 years in prison. However, the crypto community viewed even this term as lenient. Dan Held, General Partner at Asymmetric, remarked that the sentence was &#8220;not nearly long enough given his [SBF&#8217;s] actions and the actual damage caused.&#8221; Breaking: SBF [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1236,1150,1403],"class_list":["post-12105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ftx","tag-news-plus","tag-sam-bankman-fried"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=12105"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/12104"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=12105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=12105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=12105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}