Bankrupt cryptocurrency exchange FTX recently opened a demand generation platform, leaving major crypto assets priced significantly lower than their current market value.
Claims for Bitcoin (BTC) were priced at $16,871, Ethereum (ETH) at $1,258, Solana (SOL) at $16.24, and Binance Coin (BNB) at $286.
FTX co-founder Sam Bankman-Fried, 31, is expected to face a maximum sentence of 110 years in prison under federal sentencing guidelines for his conviction on seven counts of fraud and forgery.
Bankman-Fried's sentencing is scheduled to be announced on March 28. He has been held in a Brooklyn jail since his bail was revoked in August. By the fall of 2022, Bankman-Fried was continuing his rise as the billionaire genius behind FTX, whose celebrity backers and slick interface drew millions to try their luck in crypto trading.
Earlier this month, FTX's lawyers told a bankruptcy court that it was likely, but not guaranteed, that customers and creditors would recover most of the money lost in the stock market crash. However, this claim is expected to be contested. “The government may say it doesn't matter, what matters is the intended loss or what the loss was at the time,” commented Jordan Estes, a former federal prosecutor with the U.S. Attorney's Office who is now a partner at Kramer Levin.
*This is not investment advice.