This appears to be an excellent day regarding positive crypto news. And we have had to wait quite a long time to get one finally. But boy did it deliver. Sam Bankman-Fried is found guilty and the people behind Safemoon get arrested and charged.
Sam Bankman-Fried was found guilty
One of the biggest scammers not only in crypto but the financial sector at large was yesterday found guilty on all 7 accounts. This is great news because it means that these a-holes can no longer go unchecked and scam people left and right without any repercussions only to go on and do it again a few months later. The only bad part was that it apparently took the jury four hours to reach this verdict. And that is with Bankman-Fried's own testimony saying he spent the customer's money because he was "concerned" for the customers. And trying to finger Alameda and Caroline Ellison for not doing her job correctly.
Bankman-Fried will head back to jail waiting for his sentencing which will take place on March 28, 2024. Why wait in jail you might ask, well that's simple. It is because he was found guilty of breaking his bail conditions.
While the exact amount of time he is looking to get will vary, the crimes he is found guilty of carry a maximum sentence of either 5 or 20 years. And the total maximum he is looking to face is 110 years. But while that would be very unlikely. It is still likely that he will spend the coming decades in jail. A jail where he apparently has been complaining about not being able to get vegan food. I mean if you're used to silver spoons you are I guess, or as the say you can not wash away the zebra stripes no matter how hard you try.
Safemoon trio facing indictment
And in more great news the big rugpull that is/was Safemoon is finally approaching an end to the saga. The three people behind the scam are all facing charges and two of them have been apprehended while the third is still at large.
If you want to get more specifics I recommend watching Coffeezilla video on the very topic.
The SEC is looking to make it 3 for 3 against fraudsters
The last piece of scamming fraudster news is not as positive as the other two. Well not yet at least. It is pertaining to the SEC filing for a summary judgment in the case vs Do "run run" Kwon.
No rational jury could conclude that Kwon was not liable for Terraform’s violations of Exchange Act Section 10(b) and Rule 10b-5 thereunder pursuant to Exchange Act Section 20(a).
This is due to the jury apparently not finding that Do "run run" Kwon was as heavily involved or to blame for the fraud leading up to the Terra/Luna mega crash. I assume Bankman-Fried was hoping he would get these jurors in his case. So the SEC is not particularly happy about the jurors ruling, hence why they have filed for a summary judgment. If I understand the legalies of that correctly it is done when they want a judge to rule on the law involved in a case, and thus it eliminates the jury allowing the judge to take on a Judge Dreed sort of role if you will. Skipping the executioner part tho.
So let us all rejoice and hope that the SEC can finally do something good and make it 3 for 3. But I would love to hear your thoughts on this news. And are you looking forward to some other scammers finally getting their receipts? Please sound off in the comment section below.
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