Solana Skyrockets 8% As Imprisoned FTX Co-Founder Sam Bankman-Fried Unleashes Promotional Push

In a recent investigation by The New York Times, new revelations have come to light regarding the involvement of Sam Bankman-Fried, the disgraced co-founder of FTX, with Solana’s native cryptocurrency, SOL, and his ongoing legal battle. 

The report sheds light on Bankman-Fried’s activities from the federal detention center in Brooklyn, where he awaits sentencing, and his attempts to appeal his conviction.

Sam Bankman-Fried Remains Bullish On Solana? 

Bankman-Fried, who has faced significant controversies and was convicted of fraud last year, has emerged as a notable supporter of Solana and has often touted SOL as an undervalued digital asset. 

Despite his legal troubles, Bankman-Fried continues to express confidence in Solana’s potential as a faster and more cost-effective alternative to Ethereum.

According to sources familiar with the matter, Bankman-Fried has been actively engaging with guards at the Metropolitan Detention Center, offering investment advice and recommending SOL as a potential opportunity, demonstrating his bullish sentiment on the protocol and its use cases.

The report also highlights Bankman-Fried’s ongoing efforts to fight his case and seek a more favorable sentence. His legal team recently filed a memo with the US District Court arguing for a sentence of five and a quarter to six and a half years. 

The document emphasizes Bankman-Fried’s “remorse” for the harm caused by FTX’s collapse and his commitment to making restitution to affected customers.

However, a probation officer has already recommended a staggering 100 years in prison. According to the report, even if the judge overseeing the case decides not to impose the maximum sentence, Mr. Bankman-Fried could still face decades behind bars. 

The judge “could still impose a very serious sentence given how young Mr. Bankman-Fried is – say, a 30- or 35-year sentence,” said Miriam Baer, vice dean of Brooklyn Law School.

New Lawyers Gear Up For Appeal In FTX Fraud Case

To bolster his defense and reduce a sentence of this magnitude, Bankman-Fried has enlisted the services of new attorneys, including Marc Mukasey, known for representing former President Donald J. Trump. Another attorney from the firm of Shapiro Arato Bach has been appointed to handle the appeal process. 

Bankman-Fried’s parents, distinguished law professors at Stanford University, have also played an active role in his defense, rallying support and gathering character testimony.

The report also explores the broader narrative surrounding Bankman-Fried’s legal battle. Sympathetic law professors like Ian Ayres and John Donohue have advocated reevaluating Bankman-Fried’s actions and the assets available to compensate FTX’s customers. However, overturning criminal convictions on appeal is rare, casting doubt on the success of these efforts.

As the sentencing date looms, the implications for FTX and Bankman-Fried’s personal and professional reputation remain uncertain. The impact of his involvement with Solana and the consequences of his legal battle continues to reverberate throughout the cryptocurrency industry and beyond.

Currently, Solana’s native token SOL is trading at $111.26, representing a slight increase of 2.5% in the past 24 hours. However, over the past seven days, the 5th largest cryptocurrency by market capitalization has seen a notable increase of 8%.

Featured image from Shutterstock, chart from TradingView.com