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FTX Founder Reportedly Turns Prison Advisor, Pitches Solana (SOL) to Guards

A new gig for Sam Bankman-Fried? Report claims ex-FTX CEO gives crypto tips to prison guards

Sam "SBF" Bankman-Fried, the embattled founder of cryptocurrency exchange FTX, has made a bold plea for leniency. Through his legal team, SBF has requested a notably reduced prison sentence ranging from 5 to 6.5 years. This plea comes in the wake of a conviction that could see him facing up to 110 years behind bars. 

Reports indicate:

"The legal counsel for former FTX CEO Sam 'SBF' Bankman-Fried filed a memo in the United States District Court in Manhattan requesting the federal judge issue a prison sentence of five and a quarter and six and a half years,"

The narrative surrounding SBF's legal battles took a significant turn last November when a jury found him guilty of an array of charges, including wire fraud, securities fraud, and money laundering conspiracy. According to the charges laid out: 

"SBF was indicted on two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy." 

As the sentencing date approaches, Federal Judge Lewis A. Kaplan is set to announce the decision on March 28.

Legal battles and public reaction

FTX, once a behemoth in the cryptocurrency exchange realm valued at $32 billion, crumbled in November 2022, leaving the crypto world in shock. 

"FTX was one of the largest crypto exchanges, valued at $32 billion in January 2022, before collapsing in November later that year," 

SBF's indictment paints a picture of a complex web of fraud and mismanagement, involving

 "mismanagement of $8 billion in customer funds and multiple other counts of fraud." 

Amidst this turmoil, the legal system is grappling with the nuances of cryptocurrency, fraud, and how to adequately punish and deter such actions in the digital currency space.

SBF's investment tips from behind bars

Even from the confines of the Metropolitan Detention Center in Brooklyn, Sam "SBF" Bankman-Fried's influence within the crypto sphere continues to ripple. In a surprising twist, reports have emerged of SBF offering investment advice to prison guards, with a particular emphasis on Solana (SOL). 

The New York Times reported:

“SBF is offering trading and investment advice and asking prison guards to invest in Solana’s SOL,"

SBF's connection to Solana is well-documented, having been a vocal supporter of the SOL token long before his current legal predicaments. His tweet from January 9, 2021: 

"I'll buy as much SOL has you have, right now, at $3. Sell me all you want. Then go fuck off," 

This anecdote not only highlights SBF's undiminished enthusiasm for cryptocurrency but also sheds light on his day-to-day life in detention. Amidst tales of trading mackerel for a haircut and facing extortion for protection, SBF's advice to prison guards adds a layer of intrigue to his story.