Advertisement PDAX Banner

SBF Sentenced to 25 Years in Prison | Key Points | Mar. 29, 2024

Photo for the Article - SBF Sentenced to 25 Years in Prison | Key Points | Mar. 29, 2024

Welcome to BitPinas Key Points: Easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours in the Philippines and abroad.

Crypto Price Update

Photo for the Article - SBF Sentenced to 25 Years in Prison | Key Points | Mar. 29, 2024

Market News

  • The Ethereum blockchain underwent its first stress test of its new data storage system called “blobscriptions” and encountered some challenges.
  • Dogecoin (DOGE) continues its impressive rally, with its price reaching its highest level since 2021 and total bets surpassing $2 billion.
  • Bitcoin Cash (BCH) surged by 13% in anticipation of its upcoming halving event, while Bitcoin (BTC) remained relatively stable around $70,000.

Feature News: SBF Gets 25 Years

Photo for the Article - SBF Sentenced to 25 Years in Prison | Key Points | Mar. 29, 2024
Image: SDNY
  • Sam Bankman-Fried, co-founder and former CEO of FTX, was sentenced to 25 years in prison, concluding a months-long sentencing process initiated after the Department of Justice accused him of using FTX as his personal fund.
  • He was found guilty of siphoning over $8 billion in customer funds for venture investments, celebrity endorsements, and a luxurious lifestyle, leading to a conviction on seven counts of fraud, money laundering, and conspiracy.
  • The jury, taking less than five hours, convicted Bankman-Fried in early November, potentially facing up to 110 years, but ultimately received a 25-year sentence.
  • Amidst the sentencing, there was significant public interest, with many betting on the outcome on crypto gambling sites, highlighting the widespread attention the case garnered.
  • Bankman-Fried’s defense proposed a 5-7 year sentence, arguing a longer term would prevent him from leading a meaningful life, while the government sought 40-50 years, emphasizing the need to highlight the severity of the crimes and deter future financial misconduct.

Regulation

  • Very few jurisdictions have started regulating crypto, says the Financial Action Task Force.
  • The NTC has ordered ISPs in the Philippines to block access to Binance website.

DeFi

  • The token for Mantle, a layer-2 blockchain, reached a new high after launching its reward system. Another project, BOB, a hybrid layer-2 solution, secured $10 million in funding.
  • Ethena is airdropping 750 million ENA tokens.

Web3 Gaming

  • Illuvium is hinting that there will be an airdrop following its $12 million funding round.
  • Plots.Finance is airdropping tokens across multiple gaming ecosystems.

Upcoming Event (Update)

Photo for the Article - SBF Sentenced to 25 Years in Prison | Key Points | Mar. 29, 2024

“Push to the Limits” – A nationwide #Web3 Philippine Hackathon

  • Brought you by ISLA Camp (ICP HUB Philippines)
  • The applications are open to developers and teams based in the Philippines who are:
  • Willing to build projects in Web3
  • Willing to build projects on the Internet Computer Protocol
  • Competitive enough to be the Top 3 on a Php 225,000 pool prize
  • Looking to be incubated by ISLA Camp (ICP HUB Philippines) and jumpstart their journey into blockchain and Web3
  • Looking to get funding via Grants 

This article is published on BitPinas: SBF Gets 25 Years in Prison

Disclaimer:

  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.