prison

“What’s Next After SBF’s Incarceration: The Demise of the Crypto Grift Era”

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Nearly everything else that’s being built on or enabled by blockchains replaces something that’s already being done fairly well. Yes, there are companies that facilitate crypto trades like Coinbase and Block (formerly Square). But there’s no actual company that’s developed economic value by doing something brand new or better on a blockchain. Energy drives the real-world economy, and unless Sam Altman or somebody successfully unlocks fusion and delivers energy that’s truly “too cheap to meter,” it’s going to remain a real asset with real value for some time. In fact, it wouldn’t surprise me in the least if Satoshi had some kind of connection to the energy industry.

FTX CEO Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud and Money-Laundering

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Earlier this month, U.S. prosecutors from the Department of Justice called for a “necessary” 40 to 50-year sentence for him. Prior to its collapse, FTX was one of the top crypto exchanges by volume, behind Coinbase and Binance. Bankman-Fried testified that he didn’t defraud FTX customers or use their funds, but that Alameda “borrowed” that capital from the exchange. Prosecutors strongly argued Bankman-Fried made a number of false promises internally and externally and was responsible for the loss of billions of dollars for thousands of FTX investors. And as a result, Bankman-Fried will be spending quite some time behind bars.