El Salvador has delivered another bullish piece of news for the Bitcoin ecosystem as it inaugurates its first volcano energy-powered Bitcoin mining pool. This equates to an influx of more clean energy into the Bitcoin mining ecosystem. Hurray! Perhaps now Elon Musk will reconsider accepting Bitcoin for Teslas once again...

Maybe...

However, this upbeat news for the crypto world is somewhat overshadowed by SBF's trial. The jury has been selected, and the trial is expected to last approximately six weeks. Sam Bankman-Fried risks a potential prison sentence of over 100 years if he receives the maximum penalty for his "misdeeds".

SBF is facing seven primary charges, including wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission.

So, what did this guy essentially do? It's quite simple – he used customers' funds as collateral for FTT (FTX native token), purchased private properties, and "bet on the market," all the while diverting customer funds through Alameda Research, a sister company of FTX led by SBF's girlfriend (I forgot her name).

How did FTX manage to grow so big?

This was achieved through endorsements from figures like Tom Brady and Kevin O'Leary, along with many other celebrities who were generously compensated to promote the platform. The FTX business model, it turns out, was indeed a scam. If FTX had stuck to being just a cryptocurrency exchange and nothing more, it might still be operating today. However, the so-called philanthropist (SBF), who once proclaimed his intention to donate his entire fortune, hungered for more from FTX and started using and gambling with FTX customer funds.

I have a question in this regard: how can one call oneself a philanthropist while using customers' funds for personal gain? How?

The lawyers working on the case had planned to "remotely call" as a witness a young Ukrainian man who lost most of his savings with FTX. However, SBF's legal team argued that bringing such a witness into the trial, even remotely, would significantly impact the judges' and jury's decision due to the sensitive situation in Ukraine right now.

This man, living in a country torn apart by war, lost his savings, and for that matter, and not only this guy deserves to face justice. I won't pass judgment on whether 115 years is a fair sentence for what SBF did, but I'm willing to bet there are many similar cases.

If everything had gone as planned, and the bull market hadn't faded away, leaving the bear market to take over, SBF would still be seen as a hero – a vegan philanthropist eating cucumbers and sleeping on his office floor. *What a great guy, let's give him all the accolades for that...

However, SBF is a joke. He bribed politicians, and his exchange was utilized by politicians to divert some of the funds America was sending to Ukraine. That's no laughing matter. Just like Dokwon of Luna, SBF should be held accountable for his actions.

I am well aware that people's greed is what often leads a portion of the masses to fall for Ponzi schemes and scams. But if there's no one organizing these schemes, there's no harm in the game. Therefore, those behind such scams must pay. Regulation alone is not enough...

You shouldn't blindly trust a fund or any type of investment company just because it appears "official." There are ways to circumvent the law and methods to make such a business function for a while. Until watchdogs catch these crooks by surprise, there will be money lost by unsuspecting individuals, mostly those who need it most to improve their circumstances and try various avenues to do so.

Can't blame them... But at the end of the day, self-custody is the ultimate protection. The bull market will once again be in full swing sooner rather than later, and such events will recur. Of that, there's no doubt. Meanwhile, SBF needs to be held accountable for his actions...

Thanks for your attention,
Adrian