FTX Co-founder Sam Bankman-Fried Sentenced to 25 Years in Prison
Background
FTX co-founder and CEO Sam Bankman-Fried was sentenced to 25 years in prison and ordered to pay an $11 billion penalty for fraud. Despite his lawyers requesting a more lenient sentence of 6 and a half years, the judge did not show leniency.
Controversial Sentencing
Observers are divided on whether SBF intentionally defrauded platform users for personal gain. Some in the DeFi community argue that the punishment would not have been as severe if the actions had occurred in a traditional bank. However, in a Manhattan federal court, US Judge Lewis Kaplan stated that SBF „knew it was wrong. He knew it was criminal.“
Lack of Remorse
The judge highlighted that Sam Bankman-Fried had expressed remorse for miscalculating the risk of being caught but has not shown any remorse for committing the crimes. Despite this, Bankman-Fried is planning to appeal the sentence.
Consolation Prize for Investors
Prior to the sentencing, investors were even betting on the length of the sentence on Polymarket. Guesses ranged from 20 to 50 years, and now someone is likely celebrating a successful prediction in light of the recent news.
Coinbase Faces Legal Battle Over Securities Exchange Allegations
Legal Troubles
On Tuesday, Coinbase found itself in another Manhattan federal court case where the US Securities and Exchange Commission (SEC) was granted permission to proceed with its enforcement against the crypto exchange. Coinbase had argued against the SEC’s claim that it had unlawfully operated as a securities exchange, but the court ruled in favor of the SEC.
Fair Assessment
US District Judge Katherine Polk Failla stated that the SEC had provided sufficient evidence that Coinbase, through its Staking Program, engaged in the unregistered offer and sale of securities.
New Developments in Crypto Gaming and Gambling Industry
JetTon Games Launch
A new crypto gaming platform, JetTon Games, has been launched on the TON ecosystem, promising enhanced security, transparency, and user control for gamers.
My Prize Secures Funding
Crypto casino operator My Prize successfully raised an additional $13 million, reaching a valuation of $140 million. The project has gained support from Silicon Valley investors and industry insiders, focusing on social crypto gaming and user-generated content.
Vave’s Porsche Tournament
Crypto casino Vave announced its Porsche Tournament, offering players the chance to win a Porsche 911 along with other luxury prizes such as watches and exotic resort holidays. The $150,000 prize pool aims to provide players with a VIP experience and will run through March and April.
Conclusion
With ongoing legal battles, new platform launches, and exciting tournaments in the crypto gaming and gambling sector, the industry continues to evolve and attract attention from investors and players alike. For those seeking their next crypto casino experience, options like Mega Dice and FortuneJack are worth exploring.
