Sam Bankman-Fried, the once-prominent figure in the crypto industry and founder of the collapsed crypto exchange FTX, has made unexpected claims while behind bars. From the confines of the Metropolitan Detention Center in Brooklyn, where he has been held since last summer, Bankman-Fried has reportedly been promoting investments in Solana (SOL), according to sources familiar with the matter.

Sam Bankman-Fried Promotes Solana In Jail

Sam Bankman-Fried currently faces a looming sentencing date after being convicted of charges related to the collapse of FTX. He has apparently been active in discussing crypto market trends with detention center staff. Despite his legal battles and the uncertainty surrounding his future, he has been sharing tips on investments in Solana to the guards. The move that highlights his continued engagement with the cryptocurrency sphere even from jail.

His advocacy for Solana comes amidst a backdrop of legal maneuvering and efforts to mitigate his sentence. Bankman-Fried’s defense team, led by high-profile attorney Marc Mukasey, is pushing for a lenient sentence, arguing that he is deeply remorseful for the pain caused and has been focused on making amends for the collapse of FTX.

Despite facing a maximum sentence of 110 years, his lawyers have filed a memo suggesting a prison term between five and a quarter to six and a half years. However, advocating a particular cryptocurrency or providing digital asset investment advice behind the bars could cost him greatly. Since he is accused of major frauds in the crypto arena, making such claims could be used against him.

In addition, the court filings indicate that Solana served as a major investment option for the collapsed exchange FTX. Hence, Bankman-Fried’s move to promote Solana to the jail guards could lead to intense scrutiny on the matter. Moreover, FTX might also face a tighter crackdown in efforts to unearth the unknown facets.

Also Read: Sam Bankman Fried’s Defense Counsel Proposes 6 Year Sentence or Less

SBF Continues To Receive Immense Support From Family

The support for Bankman-Fried extends beyond his legal team, with his parents, Stanford University law professors Joe Bankman and Barbara Fried, actively involved in his defense. Furthermore, they have rallied support from friends, former colleagues, and sympathetic law professors, all contributing letters vouching for his character and advocating for a reconsideration of his actions.

Amid these efforts, Bankman-Fried’s endorsement of Solana while incarcerated adds a layer of intrigue to his story. Despite the challenges he faces, As he awaits his sentencing on March 28, 2024, observers are left to ponder the implications of his actions, both within the crypto community and the broader legal landscape. Moreover, the community is closely following the case to know if Bankman-Fried’s latest appeal to reduce his prison sentence would be accepted.

Also Read: FTX Settles Lawsuit With EU Subsidiary, Drops $323 Mln Claim

The post Sam Bankman-Fried Shilling Solana In Jail, What Could Go Wrong? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am