November 1, 2023
The trial of Sam Bankman-Fried (SBF) in October has sparked discussions and speculation within the crypto industry. Industry insiders are now analyzing the implications of the concluded trial.
John Deaton, a prominent lawyer supporting XRP, has expressed his opinion that SBF's conduct has "nothing to do with crypto." This statement was made in response to Scott Melker's post about the performance of SOL, which has been on a bullish trajectory.
Before the collapse of the FTX Derivatives Exchange, Solana's price was around $36 on November 6. However, the collapse caused a significant drop, with the coin reaching a low of $9.65 on December 30, 2022.
Despite this setback, Solana has been making a recovery. With sustained developmental efforts and the launch of its mobile phone called Saga, Solana has been steadily increasing in value. Currently, Solana is trading at $40.98, surpassing the pre-FTX collapse level.
John Deaton agrees with Scott Melker's statement that the impact of SBF is now irrelevant. Deaton believes that SBF was involved in crypto for power play rather than a genuine belief in the technology.
Now that the trial is over, the case is in the hands of the jury. The witnesses presented by the prosecution team, including former CEO of Alameda Research Caroline Ellison, FTX co-founder Gary Wang, and Engineer Nishad Singh, admitted to the crimes they committed under the influence of Bankman-Fried.
In his defense, SBF attempted to shift the blame onto his former allies. John Deaton, who has been vocal against SBF's conduct, believes that the defense strategy is not to seek a complete acquittal but to convince at least one jury member to significantly reduce SBF's sentence to around 10 years.
In conclusion, the trial of Sam Bankman-Fried has raised important questions about the conduct of industry insiders and the impact on the crypto industry. The outcome of the trial will have significant implications for the future of the industry and the perception of its key players.