Forbes - SBF Guilty | Solana Soaring

FTX founder faces more than a century in prison at March sentencing.

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Nina Bambysheva Senior Reporter, Forbes Money & Markets
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Steven Ehrlich Director, Forbes Digital Assets
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GUILTY ON ALL COUNTS

FTX founder Sam Bankman-Fried was convicted on seven counts of fraud and conspiracy Thursday evening after a month-long trial. Jurors in Manhattan federal court returned the verdict after less than five hours of deliberation.

In closing arguments Wednesday, prosecutor Nicholas Roos emphasized the abundance of documentary and testimonial evidence, which, he asserted, proved that Bankman-Fried knew he was embezzling customer funds from FTX and that it was wrong.

Bankman-Fried is expected to appeal and is scheduled to be sentenced on March 28, according to the New York Times. He faces up to 110 years in prison.

Mark Cohen, Bankman-Fried’s lawyer, said in a statement that the defense team respected the jury’s verdict but added that his client “maintains his innocence and will continue to vigorously fight the charges against him.”

SOLANA IS IMPRESSING INVESTORS ANEW

In his former occupation, Bankman-Fried bet big on sol, the native token of the Solana blockchain. FTX invested in the coin heavily, accumulating a stash of approximately 65 million sols that was worth $2 billion a year ago, right before the high-flying empire crashed and burned. By the end of 2022, that had turned into $650 million as the sol price crumbled to $9.96, down from its November 2021 record of $259.96.

But since early September, sol has more than doubled to a recent $39.49. A confluence of positive developments has lifted it far more quickly than the overall crypto sector, which is up 28% in the same period, propelled by bitcoin with a 35% jump. Learn more.

CURRENT PRICE OF TOP 5 COINS (7-Day % Change)

Coin

Price

Percent Change

Bitcoin (BTC)

$34,783

2.8%

Ether (ETH)

$1,809

1.6%

Tether (USDT)

$1.00

0%

Binance Coin (BNB)

$229

2%

XRP (XRP)

$0.61

11%

Source: CoinGecko. Prices as of 11:58 a.m. on November 3, 2023.

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COINBASE BEAT Q3 SALES EXPECTATIONS

The crypto exchange’s third-quarter loss narrowed as sales beat analyst expectations, with a lift from Coinbase’s new agreement with stablecoin issuer Circle.

Stablecoin revenue, which more than doubled since last year to $172.4 million, pushed up the top line. The bulk of this revenue comes from interest income earned on USDC reserves. In August, Coinbase announced it had acquired an interest in Circle, the issuer of USDC, in exchange for a 50% stake in a joint venture between the two companies that previously controlled the stablecoin.

Transaction revenue declined 21% to $289 million, largely impacted by a decline in crypto asset volatility, driven by materially different market conditions this year.

Coinbase shares were changing hands at $86.85 at midday Friday, 18% above its Monday close of $73.60.

Also: The Bitcoin White Paper Is Now Officially 15 Years Old

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