FTX Transfers $19M Worth of SOL and Deposits 1500+ETH, What is Happening?

  • Lookonchain tweeted that FTX transferred $19 million worth of SOL out and deposited 1,583 ETH to exchanges.
  • FTX founder is guilty of seven charges and will be sentenced by Judge Kaplan in March.
  • A federal prosecutor says that the judge could take SBF’s age into consideration and give him a shorter sentence.

Market Analysis platform Lookonchain tweeted that FTX transferred 462,964 $SOL ($19.2 million) and deposited 1,583 $ETH ($3 million) to exchanges. When the aggregate of the transfers made by FTX/Almeda was calculated as of November 7, it added to almost $275 million in crypto assets.  

Meanwhile, in the proceedings in the courtroom a few days ago, a jury of twelve found FTX founder Sam Bankman-Fried guilty of all seven criminal charges brought against him. As such, the resounding question is, for how long will Bankman-Fried be kept behind bars? 

As per the CNBC report, Judge Lewis Kaplan will be the person who decides Bankman-Fried’s sentence in March 2024. Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section, said:

I wouldn’t be surprised if SBF spends the next 20 or 25 years of his life in prison,

Former Assistant U.S. Attorney Kevin J. O’Brien stated, “Since judges have discretion even under the Guidelines, I believe his sentence will be in the 15 to 20-year range.”

However, former federal prosecutor Paul Tuchmann tells CNBC that he expects harsher terms for the former FTX CEO because “the amount of losses that were suffered is simply staggering.” He made this claim while comparing the FTX founder’s fraud with Bernie Madoff’s, who was sentenced to 150 years in prison for fraud similar to FTX. 

Nonetheless, with more speculation into the case, Tuchman stated that there is a possibility that the judge could shorten the sentence considering Bankman-Fried’s age, as Madoff was quite old with limited productive years left in front of him.  

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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