The decision regarding Sam Bankman-Fried, one of the triggers of the crypto winter alongside Terra Luna and Do Kwon, had become a subject of curiosity in the market. The penalty SBF has received was just disclosed a few moments ago.
SBF’s Penalty Revealed
SBF, the founder and former CEO of the FTX exchange, was facing a significant fraud lawsuit. The process led to the collapse of the FTX exchange and left many creditors victimized. Today, it seems that a decision has been made regarding SBF’s case.
In the first moments of today’s trial, SBF expressed his regret about the events that transpired.
Later in the trial, it was announced that the former CEO of the FTX exchange, Sam Bankman-Fried, was sentenced to 25 years in prison. It was also decided that SBF must return more than 11 billion dollars in assets.
On the other hand, the latest statement revealed that the judge suggested a prison in the Bay Area, close to SBF’s family. While all this was happening, eyes turned to the FTT token, and investors appeared distressed and panicked following the decision.
What Is the Current Price of the FTT Token?
Following the announcement of the verdict, there was a noticeable drop in the price of the FTT token. At the time of writing, the FTT token had fallen to the $2 level after a 10% drop in the last 24 hours. The price, which momentarily dipped below $2, continues to hold in this region for now.
Previously peaking at $85 and then plummeting after fraud allegations against its founder CEO, the FTX exchange’s native token FTT has truly crashed.
On the other hand, attention was on the 24-hour trading volume of the FTT token, which experienced a surge. The trading volume of the FTT token, which increased by 110% to over $54 million at the time of writing, could be interpreted as a reflection of how quickly investors were disposing of their tokens.
