Loading...

Behind bars, Ex-FTX Sam Bankman-Fried chief champions Solana’s crypto potential

TL;DR

  • Solana’s potential as an Ethereum alternative gains traction in prison.
  • Bankman-Fried’s legal battle was fueled by faith in Solana.
  • Solana’s resilience shines amidst FTX’s downfall fallout.

In an unexpected turn of events, Sam Bankman-Fried, the former CEO of FTX, has found himself in prison, where he’s been actively working on his legal defense. However, rather than allowing his circumstances to dampen his spirits, Bankman-Fried has been utilizing his time to share insights into the cryptocurrency market, particularly promoting Solana’s (SOL) potential.

Sam Bankman-Fried promotion of Solana amidst legal battles

Despite facing a lengthy prison sentence of up to 110 years for fraud, Bankman-Fried hasn’t lost his enthusiasm for the crypto industry. Reports indicate that he has been engaging with prison guards, offering them advice on investing in Solana’s native coin, SOL.

Bankman-Fried’s advocacy for Solana stems from his belief in its superiority as a faster and cheaper alternative to Ethereum.

Solana’s road to redemption

The association between Solana and FTX faced a significant setback following the collapse of the latter. The fallout resulted in a decline in SOL’s price, dipping below $10 amid concerns over FTX’s fraudulent activities and potential liquidation of SOL holdings. Despite efforts to distance itself from FTX, Solana continues to grapple with the reputational fallout.

In a bid to rebuild trust and regain momentum, Solana has undertaken various initiatives. January saw the unveiling of Solana Mobile’s ‘Chapter 2’ web3 smartphone, which garnered over 25,000 pre-orders, signaling a renewed interest in the ecosystem.

 Additionally, the Solana Foundation recently initiated a hackathon program in collaboration with Colosseum, aimed at fostering innovation and development within the community.

SBF’s legal strategy

Bankman-Fried, supported by a new legal team led by attorney Marc Mukasey, is appealing his conviction and seeking a reduced sentence ranging from 5 to 6.5 years. With the backing of his parents and a network of supporters, including law professors and former employees, Bankman-Fried’s defense emphasizes the absence of malicious intent in FTX’s operations.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

Share link:

Emman Omwanda

Emmanuel Omwanda is a blockchain reporter who dives deep into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), and more. His expertise lies in cryptocurrency markets, spanning both fundamental and technical analysis.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Gurbir Grewal Reflected About Efforts of Compliance of Crypto-Industry.
Cryptopolitan
Subscribe to CryptoPolitan