Crypto Twitter Reacts To Sam Bankman-Fried’s Bail Revocation

Crypto Twitter Reacts To Sam Bankman-Fried’s Bail Revocation

On Friday, crypto Twitter did not hold back over news that the disgraced ex-CEO of the FTX crypto exchange, Sam Bankman-Fried would be going to jail after his bail revocation.

A federal judge remanded the disgraced FTX founder to jail and this gave industry personalities who had been impacted by his alleged misdeeds the opportunity to share their feelings on social media.

The reaction

Adam Cochran, a partner at Cinneamhain Ventures, had a lot to say to the disgraced former billionaire and added that he hoped he would enjoy his time in prison.

Gabriel Shapiro, Delphi Labs’ General Counsel, said that Bankman-Fried had had his bail revoked because he had been unable to stop himself from cheating, even if it was for watching sports.

Lewis Kaplan, the New York US District Judge who is presiding over Bankman-Fried’s case, revoked his bail in his latest order.

The judge was doubtful that the gag order he had issued earlier would be enough to stop Bankman-Fried from talking to the media again.

Martin Shkreli, a former pharmaceutical executive, said that if the past was any indication, then Bankman-Fried was unlikely to return home for another 15 to 30 years.

He added that the FTX co-founder had been looking for a shortcut after playing a high-stakes game and it had backfired on him.

In 2015, Shkreli had been named ‘pharma bro’ because he had hiked up the price of Darapri, an anti-malaria medication, by almost 4,000%.

He had been charged with one count of conspiracy and two counts of securities fraud and had been convicted. After receiving a seven-year sentence, he had been released early last year.

More comments

Caitlin Long, the chief executive and founder of Custodia Bank, questioned if people wanted to trust a person who could not distinguish between right and wrong with their hard-earned money.

She wondered if Sam Bankman-Fried cared about putting the bail that the Stanford colleagues or friends of his parents had posted at risk.

Bankman-Fried’s lawyers had confirmed last month that he had shared documents related to Caroline Ellison, the former CEO of Alameda Research, with a reporter for the New York Times.

Ellison had also been SBF’s former lover. According to Judge Kaplan, Bankman-Fried had met the reporter at his parents’ home in Palo Alto, California.

He said that he had shown the private writings of Ms. Ellison during these meetings and while the defense claimed that it was his First Amendment right, it was actually to intimidate her and the other witnesses.

Previous accusations

This is not the first time that Bankman-Fried had been accused of tampering with a witness. He had previously been accused of doing the same via encrypted messaging applications.

Some believe that the FTX co-founder getting jailed was a long time coming because of the extent of his alleged crimes where customers suffered losses worth billions of dollars.

This was evident in some of the comments made from those part of the industry.