The real face behind Crypto scam Sam Bankman-Fried was found guilty of all charges laid against him and has been sentenced to 115years in prison. That is is like two lifetime of prison sentence.

Sam has been seeming to play a mind games with investors after he was brought to court for mishandling investors fund from the FTX scandal. Sam initial claimed that the money was used to invest in Alameda research, changed this during the court hearings and later agreed that he was concerned about his customers fund that was why he spent it.

Sam was amongst other things found guilty of using customers fund to bribe and sponsor politicians to help keep the bigger scandal that was going in the the FTX under the radar.

The situation broke loose when CZ of Binance failed to help Sam cover up his over collaterized assets. And many people wanted to withdraw their funds from the exchange, but the was no liquidity. 

This caused the price of FTT to crash down.

FTT is the primary token of the exchange FTX which was once valued at $32 billion. The situation had a ripple effect in the market and was part of the reason why the crypto winter was extended.

Many investors lost their funds but FTX said it would prioritize withdrawals of his political friends in there is a chance of withdrawal in the near future.

Binance proposed to buy FTX when the depth of the scandal was not revealed yet to reduce the FOMO it caused. But upon critical examination, they noticed that the platform is beyond their redemption.

Few months back, FTX employed the services of several people to help recover the funds, but these people tend to charge huge fees for their services and we're later dropped.

Sam Bankman-Fried is set to begin his jail time on march 28, 2024. 115 years sounds like two lifetime in jail.

Still on the issue of funds mismanagement, Investigation has shown that El Salvador Misused One-Third of the $600 Million COVID Relief for Bitcoin.

And the scandals in cryptocurrency industry just keeps pilling up. 

Be sure to stay SAFU.