“This verdict should mark, hopefully, the end of a dark period for our industry,” said Yat Siu, president of Animoca Brands.
Voices from the cryptocurrency community celebrated on Friday the conviction of former industry darling Sam Bankman-Fried, with hopes of turning a page, albeit without illusions.
“This verdict should mark, hopefully, the end of a dark period for our industry,” commented Yat Siu, president of Animoca Brands, a video game publisher and investor in blockchain-related projects, the underlying technology of cryptocurrencies.
A New York jury found Sam Bankman-Fried guilty on Thursday of the seven charges brought against him, primarily fraud, conspiracy, and money laundering.
He used funds from customers deposited on his cryptocurrency exchange platform FTX, without their knowledge, to fuel risky investments and transactions for his investment firm, Alameda Research.
Alameda drew up to $14 billion from FTX users, who realized that $8 billion was missing when the platform went bankrupt in November 2022.
His sentence will be pronounced on March 28, 2024. He faces over 100 years in prison.
“This unanimous verdict confirms what we already knew: SBF deceived many people, including clients, employees, partners, and investors, including myself and Sequoia,” commented Alfred Lin, a partner at Sequoia, one of the most reputable capital investment firms in Silicon Valley.
The decision made on Thursday “means that Bitcoin has shed another dead weight. That’s a good thing. Let’s move forward,” reacted Jeff Ross, founder of Vailshire Capital Management, a company that invests in cryptocurrencies on behalf of its clients.
The implosion of FTX marked the end of a period that began in the spring of 2022 and was characterized by the failure of a series of companies and platforms related to cryptocurrencies.
During this period, the value of Bitcoin was reduced by two-thirds (-67%) between late March and late November 2022. The leading cryptocurrency took nearly a year to recover and has only regained momentum in recent weeks.
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