Once at the helm of FTX, Sam Bankman-Fried now occupies an unexpected position advocating for Solana (SOL) while incarcerated, grappling with the specter of a potential century-long sentence due to allegations of scam. His passion for crypto seems undiminished, even under such dire circumstances.
While incarcerated, Bankman-Fried reportedly hasn’t missed a beat, engaging with jail staff and suggesting investment recommendations on Solana’s native coin, SOL. He remains convinced of Solana’s technological advantages over Ethereum despite recent challenges stemming from FTX’s collapse.
Solana, once closely associated with FTX, saw its reputation suffer a blow following the exchange’s downfall, leading to a slump in SOL’s value. Despite taking steps to disentangle Solana from FTX, repercussions linger for the cryptocurrency.
Solana’s Measures to Revamp Reputation
Solana has launched several initiatives to revitalize its standing, including the highly anticipated Solana Mobile’s ‘Chapter 2′ web3 smartphone, which accumulated over 25,000 pre-orders.
Moreover, the Solana Foundation has teamed up with Colosseum to host hackathons to encourage innovation within the Solana community.
Lawful Battles and Advocacy for Leniency
Meanwhile, Bankman-Fried is appealing his sentence and pushing for a reduced prison time of 5 to 6.5 years, significantly shorter than the maximum of 110 years he faces. The trial, which concluded in November with Sam found guilty on seven counts of fraud and conspiracy, has been dubbed one of the most substantial financial fraud cases in US history by prosecutors.
However, Bankman-Fried’s defense contends that there was no cruel intent in FTX’s operations. His family and supporters maintain his innocence and advocate for a lenient sentence.
While Bankman-Fried acknowledged mistakes in managing FTX, he never intended to misuse customer funds. Despite ongoing lawful battles, supporters argue that the convicted has taken responsibility for his actions and is working to rectify the situation. Concerns persist about his well-being in prison, particularly given his communication challenges associated with being on the autism spectrum.
FTX Exchange, now bankrupt and shuttered, announced plans at the end of January to fully reimburse customers, overseen by the US Bankruptcy Court. However, criticisms have surfaced regarding the reimbursement process, based on the exchange’s lowest point, leaving some customers dissatisfied.