Former FTX CEO Sam Bankman-Fried received a 25-year prison sentence last month, following a two-hour sentencing hearing that included statements from various parties. During the hearing, Bankman-Fried expressed regret for his actions and suggested wrongdoing by current FTX CEO John J. Ray III and the bankrupt exchange's cleanup crew. However, the judge disagreed with the defense's objections to sentencing guidelines and handed down a baseline sentence of 110 years. Bankman-Fried's legal team plans to appeal the sentence, but it may be difficult to succeed. Other news includes fraud charges against Do Kwon and Terraform Labs, optimism about stablecoin legislation from Congressman McHenry, and a Binance executive facing charges of tax evasion and money laundering in Nigeria.
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FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison, Judge Criticizes Performance on Stand
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Cointime's Evening Highlights for May 24th
1. CryptoPunks Launches “Super Punk World” Digital Avatar Series -
Pudgy Penguins and Lotte strategically cooperate to expand into the Korean market, and the floor price rose by 3.1% on the 7th
The NFT series "Pudgy Penguins" has recently announced a strategic partnership with South Korean retail and entertainment giant Lotte Group on the X platform to expand its market in South Korea and surrounding areas. More information will be announced in the future. According to CoinGecko data, the floor price of Pudgy Penguins is currently 11.8 ETH, with a 7-day increase of 3.1%. -
CryptoPunks Launches “Super Punk World” Digital Avatar Series
Blue-chip NFT project CryptoPunks announced the launch of "Super Punk World" on X platform, which is the project's first release of 500 digital avatars inspired by the iconic CryptoPunks features and combined with Super Cool World attributes. It is reported that the series may launch auctions in the future, and more details about the collection and auction of this series will be announced soon. -
Drift Foundation: The governance mechanism is gradually being improved, and DRIFT is one of the components
The Drift Foundation stated on the X platform that the DRIFT token is a component of governance and a key element in empowering the community to shape the future. The governance mechanism is gradually improving, and more information will be announced soon. -
U.S. senators propose spending $32 billion to develop AI and build safeguards around it
A bipartisan group of four senators led by Chuck Schumer, the leader of the majority party in the United States, has proposed that Congress spend at least $32 billion over the next three years to develop artificial intelligence (AI) and establish safeguards around it. -
CryptoQuant: Bitcoin demand is now in acceleration mode again after two months of decline
On May 16th, cryptocurrency analysis company CryptoQuant stated in a report that despite a rebound in Bitcoin demand from the low point of the accumulation range, after two months of downward trend, Bitcoin demand is once again in "acceleration mode". -
Fed's Schmid: Low interest rate environment "may not necessarily" return
The Federal Reserve's Schmid said that the overall economy is still strong. Inflation is still too high, and the Federal Reserve has more work to do. Interest rates may remain high for a period of time, and I prefer to reduce the Federal Reserve's balance sheet as much as possible under the premise of compliance with the operating framework. The low interest rate environment may "not necessarily" return. -
a16z partner: Americans have accepted digital assets, but current regulatory approaches limit innovation and privacy
Web3 supporter and a16z partner Chris Dixon (cdixon.eth) posted on social media that in the next two weeks, the House of Representatives will vote on the most important crypto legislation to date, the "21st Century Financial Innovation and Technology Act" (FIT21). We have long called for clear regulation to protect consumers and innovation, and the FIT21 bill will achieve this. -
SBF ordered to forfeit more than $11 billion
SBF has been ordered to confiscate more than 11 billion US dollars. SBF has now been sentenced to 25 years in prison. -
U.S. prosecutors urge judge to sentence SBF to 40-50 years in prison for fraud
According to market news reported, court documents revealed that US prosecutors urged the judge to sentence SBF to 40-50 years imprisonment for FTX fraud.
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