“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.

“Nikola CEO Trevor Milton Receives 4-Year Sentence for Securities Fraud”

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Trevor Milton, the disgraced founder and former CEO of electric truck startup Nikola, was sentenced Monday to four years in prison for securities fraud. The sentencing hearing comes after four separate delays, during which Milton has remained free under a $100 million bond. Milton sobbed as he pled with Judge Ramos for leniency in a long and often confusing statement ahead of the sentencing. At one point, Milton said he stepped down from the CEO post at Nikola not because of fraud allegations, but to support his wife. That video sparked investigations from third parties, and after a report by Hindenburg Research called the company a fraud, Milton stepped down in September 2020.