8/14/23: SBF Going To Prison After Bail Revoked

Author

Valko
August 14, 2023

Today’s News:

  • FTX's Sam Bankman-Fried going to prison after bail was revoked

  • Trump holds $500k in crypto

  • Legal scholars rally behind Coinbase in legal battle against SEC

FTX's Sam Bankman-Fried going to prison after bail was revoked

I'm primarily concerned about the possibility of his detention at the MDC, which isn't considered a five-star facility. However, I recognize that he may have a dedicated laptop there.

Judge Kaplan

  • Sam Bankman-Fried jailed after bail revoked ahead of trial, believed to have tampered with witnesses.

  • Sam is booked into the Metropolitan Detention Center in Brooklyn (MDC); which previously held Ghislaine Maxwell and Martin Shkreli, the eccentric former pharmaceutical CEO infamous for a price-gouging scandal. Martin said, "Sucks for Sam".

  • Judge Kaplan stated that Sam may have access to a laptop and internet connection. Maybe we’ll see him back on League of Legends.

  • If Sam’s parents weren’t pissed yet, they definitely are now. Thanks to Sam’s breach of bail, they + fellow Stanford professors, stand to lose $250M in collateral posted Sam’s bail.

  • Last but not least, an unusual $10M payment from Sam to his father raises questions. With email chains between them discussing having this payment structured as a gift from Alameda (Sam’s hedge fund) to his father.

Trump holds $500k in crypto

  • Trump's Ethereum wallet holds $500k according to a recent filing with the US Office of Government Ethics.

  • Sparks debate if Trump is an ETH supporter or if this is simply tied to previous NFT sales - which generated between $500k and $1M.

  • Makes you wonder if we will see a pro-crypto president in the white house soon with Trump on the Republican side of things and openly pro-crypto Democratic candidate Robert F. Kennedy's on the Democrat side of things.

Legal scholars rally behind Coinbase in legal battle against SEC

  • Six legal scholars submitted an amicus brief in favor of Coinbase against the SEC.

  • Scholars argue that an 'investment contract' requires a 'contractual undertaking,' opposing the SEC's notion.

  • On the same day, Senator Cynthia Lummis filed another amicus brief stating that the SEC is attempting to “circumvent the political process” by establishing itself as the main authority on crypto.

What did you think of today's issue?

Login or Subscribe to participate in polls.