Cryptocurrency and nft Twitter was ablaze on Friday when news broke that Sam Bankman-Fried, the disgraced founder and former CEO of FTX, had his bail revoked. A federal judge ordered him remanded in custody on charges of witness tampering, prompting an avalanche of reactions from figures across the crypto industry. Let’s see how Twitter responded!
TL;DR:
- Sam Bankman-Fried’s Bail Revoked for Witness Tampering Triggers crypto Twitter Reactions.
- The judge questions the effectiveness of the gag order, leading to preventive detention.
- The industry figures weigh, compared to past cases, ethical concerns and also potential implications.
Sam Bankman-Fried heads to the cells
The decision to revoke Bankman-Fried’s bail came from New York U.S. District Judge Lewis Kaplan, who expressed doubt that a gag order would be enough to prevent Bankman-Fried from interacting with the media.
Amid the backlash, former pharmaceutical executive Martin Shkreli, infamous as the “pharma bro,” commented on the Bankman-Fried situation. Shkreli drew parallels to his own past legal troubles and also suggested a possible lengthy prison sentence for Bankman-Fried.
“It sucks for Sam. If the past is prologue, you won’t see your home for 15 to 30 years,” tweeted Former pharmaceutical executive Martin Shkreli. “I played a high-risk game and I wanted a shortcut. It doesn’t work that way!
Caitlin Long, CEO of Custodia Bank, questioned the ethics of entrusting money to an individual who apparently lacks moral clarity. Additionally, Long highlighted the risk posed to the bail provided by Bankman-Fried’s parents’ connections.
Some, like Cinneamhain Ventures partner Adam Cochran, were less eloquent, tweeting:
“Take that, you witness vegan manipulation, counterfeiting, money grabbing, selfish, delusional, drugged out, fraudulent, goblin-orgies, sleeping on bean bags, entitled, conceited, short and chubby, fools. I hope you enjoy prison.”
Why is SBF in jail?
To clarify, the case involves Bankman-Fried sharing documents related to Caroline Ellison, former CEO of Alameda Research and her former romantic partner. Additionally, Sam Bankman-Fried shared documents with a New York Times reporter. The court debated the intentions behind this action, and Bankman-Fried claimed a First Amendment right. The situation was further aggravated by accusations of witness tampering using encrypted communication applications.
Bankman-Fried’s legal entanglements date back to his arrest in the Bahamas in December, following the collapse of cryptocurrency exchange FTX. Additionally, allegations of fraud and money laundering by the U.S. Securities and Exchange Commission have cast a shadow over her reputation. The collapse of FTX caused huge problems in the nft market.
In a succinct response, THNDR Games CEO Des Dickerson summed up the sentiment with “Bitch, bye.”
The revocation of Bankman-Fried’s bail has sparked debates about ethics, accountability and the far-reaching consequences of alleged financial misconduct. Finally, as the saga continues, the crypto community is closely monitoring developments.
All financial/investment opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
