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FTT 80% Surge Amidst SBF Pardon Rumors

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  • FTT price surging on SBF pardon speculation.
  • Higher lows signal a potential 80% price surge.
  • Technical analysis confirms strong bullish momentum.

FTX token FTT is making steady gains as the price forms higher lows, suggesting potential for a further upside. This bullish momentum could propel FTT to reach the $5 to $5.90 range, representing a 70% to 80% increase from the current price.

The technical chart clearly shows the token confirming and holding higher lows, a key technical indicator that often signals an upward trend. This bullish momentum marked by the green candlesticks suggests that FTT is showing significant progress and could continue to rise, reaching the $5 to $5.90 range, a significant increase from its current price. The overall trend is upward, with the price making higher highs and higher lows.

In short, $FTT is currently in a strong uptrend, and the formation of higher lows suggests that this trend is likely to continue. Investors who are bullish on FTT should consider buying the token at its current price, as it has the potential to reach significantly higher levels in the coming months.

FTT: SBF Pardon Speculation

Adding to the market dynamics is the ongoing speculation surrounding a potential presidential pardon for Sam Bankman-Fried (SBF), the ex-CEO of the bankrupt crypto exchange FTX. In November 2023, Bankman-Fried was convicted on all seven counts of fraud and embezzlement and sentenced to 25 years in prison.

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However, rumors of a potential pardon have emerged due to his massive political donations to the Democratic Party, including $5.2 million to pro-Biden super PACs during the 2020 election cycle. These acts have raised concerns about potential political influence on his case. The discussion gained traction after Tesla CEO Elon Musk commented on the topic via social media, expressing his disbelief if Bankman-Fried is not pardoned.

SBF’s Jail Tips Ignite Solana Speculation

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FTX kingpin SBF has returned to public scrutiny, and this time he is reportedly offering tips from jail to security guards on how to buy Solana. While it has sparked hilarious reactions, some believe that Solana is gearing up for a surge in March, especially since SBF sentencing is less than a month away. The bankrupt crypto platform had close ties with the digital asset as it held substantial amounts of SOL. However, despite the crash, SOL bounced back, maintained its popularity as an Ethereum competitor, and continues to grow exponentially.

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SBF's Jail Tips Ignite Solana Speculation 4

Meanwhile, Bankman-Fried 31 has recently appointed Marc Mukasey, who previously represented former President Trump, to oversee his sentencing. Mukasey is renowned for his assertive courtroom presentations. It will be interesting to see what kind of arguments he brings to the court in the high-profile trial.

On January 27, SBF’s legal representatives filed a legal memo in the U.S. District Court in Manhattan, seeking a reduction in the prison sentence from five and a quarter to six and a half years. In the court memo, the lawyers stated that their client is “deeply, deeply sorry” for “the pain he caused over the last two years.” “His sole focus after the collapse of FTX was making customers whole.”

SBF’s Crucial Date

According to law experts, the filing comes at a crucial time before Mr. Bankman-Fried’s sentencing on March 28, whose alleged crimes carry a maximum sentence of 110 years. The final decision rests with federal judge Lewis A. Kaplan, who is overseeing the case of the fallen crypto mogul. Coinbase’s Chief Legal Officer believes that Bankman-Fried could face decades behind bars even if Judge Kaplan decides not to impose the maximum sentence.

Miriam Baer, vice dean at Brooklyn Law School, stated that the judge “could still give a very serious sentence given how young Mr. Bankman-Fried is—say, a 30- or 35-year sentence.” Successfully appealing and overturning criminal convictions as serious as this, is a rare occurrence. Since last summer, SBF has been placed at the Metropolitan Detention Center in Brooklyn, where he has spent much of his time working on the case, a person with knowledge of the matter said.

Bankman’s Exclusive Brooklyn Getaway: A Disappointing Revelation

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In the confines of Brooklyn’s Metropolitan Detention Center, Sam Bankman-Fried, formerly celebrated as a prominent figure within the cryptocurrency realm and commonly known as SBF, currently dwells. This stark reality presents a stark juxtaposition to his previous prominence and acclaim on the grand stages of glamorous tech conferences, where he once commanded attention and admiration.

A recent leak of Bankman-Fried’s initial jail photograph has emerged, serving as a poignant visual representation of his drastic descent from a celebrated entrepreneur to a detainee within the justice system. This snapshot encapsulates the profound transformation of a man once hailed as a visionary in the crypto realm.

Bankman-Fried’s trajectory from being hailed as the “boy wonder of crypto” to his current state as a fallen CEO serves as a cautionary tale of the pitfalls of rapid success and subsequent downfall. The MIT graduate, founder of Alameda Research and the FTX exchange, once basked in the glow of a personal fortune estimated at $26 billion, gracing the covers of magazines and enjoying the company of the elite.

Bankman’s Swift Fall: Unveiling The Volatility Of Unregulated Markets

However, his empire crumbled nearly overnight following a tweet from a rival executive last November, triggering a multibillion-dollar bank run and exposing rampant financial mismanagement. Found guilty of defrauding investors and engaging in money laundering, SBF’s swift rise and fall underscore the volatility and risks inherent in unregulated digital markets.

During a trial held in November, Bankman-Fried was unanimously found guilty by jurors on all seven charges of fraud and conspiracy. He now faces allegations of masterminding one of the most substantial financial frauds in American history, potentially leading to a sentence spanning over a century.

Traditionally, white-collar criminals face less severe sentencing compared to those convicted of violent crimes, owing to the absence of physical harm caused by their actions. Previous cases, like that of Michael Milken in 1990, who secured release after two years for cooperating with authorities, offer potential strategies for Bankman-Fried’s legal defense. However, the gravity of his offenses and their impact on FTX’s clientele and the wider crypto market may shape the severity of his punishment.

Solana Thrives Despite Challenges: Co-founder Addresses FTX Collapse

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Solana’s native token SOL has emerged as one of the standout performers of the year, defying the odds and experiencing a remarkable surge of over 500%. This success is particularly noteworthy considering the challenges the blockchain faced, including its close association with FTX and multiple outages in 2022. However, according to Anatoly Yakovenko, co-founder of Solana, these hurdles have played a role in fortifying the platform.

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Yakovenko Clarifies Solana SOL’s Security Status

In an insightful episode of the Unchained podcast, Yakovenko delves into the aftermath of FTX’s collapse, shedding light on how it affected SOL. FTX, a major supporter of the platform, held substantial amounts of SOL, making its collapse a significant event for It. Despite this, Yakovenko suggests that the discipline imposed by FTX’s downfall, coupled with technological enhancements, has ultimately strengthened Solana.

During the interview, Yakovenko also shared his early impressions of Sam Bankman-Fried, highlighting the intricate dynamics within the cryptocurrency space. Addressing regulatory concerns, particularly the SEC’s designation of SOL as a security, Yakovenko clarified that the accusation was aimed directly at the exchange and did not implicate Solana Labs, the foundation, or himself. He emphasized that the current situation may require Congress’s intervention for resolution.

Another aspect covered in the discussion was the entrepreneurial exodus from the U.S. due to regulatory risks. Yakovenko expressed concerns about how regulatory uncertainties are prompting entrepreneurs to seek more favorable environments, impacting the cryptocurrency landscape.

Intriguingly, Yakovenko touched upon Solana’s share of the stablecoin market and his belief that finance will inevitably transition to a platform like Solana. The co-founder sees the network as a robust foundation for the future of finance.

Switching gears to hardware, Yakovenko revealed that the Solana Saga phone, a venture by Solana Labs, has seen modest sales of 2,200 units. Acknowledging the need for a more substantial user base, discussions within the company are ongoing, exploring options such as new models, enhanced applications, and store discounts to boost sales.

As of the latest SOL price analysis, SOL is currently trading at $64.28, boasting a 24-hour trading volume of $2 billion, reflecting a 7.83% increase. Over the past 24 hours, SOL has experienced a 6.54% uptick and a 7.82% rise in the seven-day chart. The cryptocurrency holds the impressive rank of #6 on CoinMarketCap, with a market cap reaching $27 billion.

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Source: CoinMarketcap

Related Reading | Bitcoin is a National Security Asset: U.S. Space Force Major

SBF Mulls Appeal In Next Move

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FTX’s kingpin, Sam Bankman-Fried, or SBF, is currently pursuing a potential appeal, as revealed by his legal team. The decision to forgo post-trial motions, as legal experts suggest, hints at the likelihood of an appeal. This aligns seamlessly with the staunch assertion of SBF’s innocence by lead attorney Mark Cohen, who vows to “continue to vigorously fight the charges against him.”

In a letter dated December 1 to Judge Lewis Kaplan, Bankman-Fried’s legal representatives conveyed their decision not to file any post-trial motions. However, they made it clear that they reserve the right to pursue any claims through an appeal. This strategic move by the legal team emphasizes their commitment to challenging the charges against SBF through the appellate process.

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Before this development, Bankman-Fried’s legal team had filed a bail plea, seeking his release. Unfortunately, Magistrate Joyann Ferguson Pratt denied the plea, citing concerns that the former crypto mogul posed a potential flight risk. His next hearing is scheduled for February 8, 2024.

The downfall of the once-respected billionaire unfolded dramatically with the catastrophic collapse of his digital asset exchange. The repercussions of this event reverberated through the volatile crypto market, culminating in SBF’s conviction in November. The high-stakes courtroom saga, capturing the attention of financial markets and the crypto community alike, concluded definitively with the former FTX founder being found guilty of orchestrating one of the most substantial financial fraud schemes in US history.

SBF Faces 7 Counts Of Fraud & Conspiracy

During the month-long trial, Bankman-Fried faced seven counts of fraud and conspiracy. Prosecutors argued that he had misappropriated a staggering $8 billion from his cryptocurrency exchange’s customers for personal gain, attributing greed as the primary motivator. The jury, consisting of 12 members in Manhattan federal court, delivered the verdict, exposing SBF to a potential maximum sentence of 5 to 20 years in prison for each count.

The charges encompassed wire fraud, a wire fraud conspiracy, and a money laundering conspiracy. Furthermore, sentencing for Sam Bankman-Fried is scheduled for March 28, 2024, marking a crucial milestone in this high-profile legal battle that has sent shockwaves through the cryptocurrency and financial realms.

FTX’s FTT Token Outshines Bitcoin With 255% Surge

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For those who took a risk with the FTX token, FTT is currently experiencing a second surge, yielding substantial benefits. According to Santiment, the market value of FTT has skyrocketed by an impressive 255% in comparison to the leading cryptocurrency, Bitcoin [BTC], within just three weeks. This surge coincided with significant news from Binance. Notably, the price surge seems to be influenced by the accumulation of approximately 3 million FTT tokens, valued at $12.8 million, by the top 10 largest wallets in a mere 19 days.

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FTX's FTT Token Outshines Bitcoin With 255% Surge 9

The cryptocurrency sphere was recently shaken by the resignation of Changpeng Zhao, the founder and CEO of Binance, the world’s largest virtual asset exchange. Zhao stepped down after admitting guilt of violating US anti-money laundering laws. As part of the agreement, Zhao is prohibited from holding a managerial position in the company for the next three years.

As discussions unfold regarding the post-CZ era, it’s inevitable to draw parallels between the downfall of Binance’s Changpeng Zhao and the recent legal troubles of FTX’s Sam Bankman-Fried [SBF], who was convicted on seven counts of fraud. While it remains premature to speculate on the trajectory of Binance under its new CEO, FTX, under its fresh leadership, is already initiating a rebranded exchange.

FTX 2.0 Speculations In Post-Binance Landscape

The revitalization of the FTX crypto exchange involves a complex effort with various stakeholders playing a role. It’s crucial to emphasize that relaunching the exchange is a challenging endeavor, as illustrated by the complications observed in the case of crypto lender Voyager. While potential buyers expressed interest, restructuring and the distribution of tokens to creditors presented significant hurdles.

A notable issue causing concern is the lack of any proposed compensation for FTT token holders, leaving these stakeholders uncertain about their future.

However, the recent upswing of the FTX token has resulted in substantial gains for FTT investors, surpassing Bitcoin in market value. This coincided with significant developments at Binance, sparking speculations about the resurgence of FTX 2.0 following the events at the CZ-led exchange. Despite uncertainties, it’s evident that the cryptocurrency landscape has entered a new era.

FTX Claimants Hit Jackpot Amidst Landmark SBF’s Verdict

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In the aftermath of the FTX ex-CEO’s conviction on all seven charges, claim holders of the defunct exchange find themselves in an unexpectedly favorable position. Recent data from Claims Market reveals a substantial surge in FTX’s claim pricing of 57%. Similarly, Celsius claims have risen by approximately 35–40%, Genesis claims by 50%, Alameda claims by 10-15%, and 3AC claims by 7-9%. These claims represent the right to a specific amount of money and are staked by creditors in anticipation of recovering a portion of their investments in the event of bankruptcy or similar circumstances.

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FTX Claimants Hit Jackpot Amidst Landmark SBF's Verdict 11

Investors often trade these claims based on their forecasts of the final recovery amount. A spike in claim pricing signals an increase in the expected recovery value. While many attribute the surge in FTX claims to the recent landmark verdict, it may also be influenced by the remarkable valuation growth of artificial intelligence companies previously supported by the exchange.

Meanwhile, claim prices for Celsius, Genesis, Alameda, and 3AC vary significantly, showcasing the diverse dynamics within this realm. This situation provides a captivating glimpse into the evolving landscape of cryptocurrency claims. FTX’s strategic investments in these promising startups have unexpectedly provided claimants with the potential to receive significantly higher amounts than initially envisioned.

FTX’s Ex-CEO Convicted On Seven Charges

As reported by TronWeekly, the electrifying trial that gripped financial markets and the crypto community ended on a decisive note. Former FTX founder Sam Bankman-Fried was found guilty of orchestrating one of the biggest financial fraud schemes in US history. The month-long trial saw Bankman-Fried facing seven counts of fraud and conspiracy.

Prosecutors contended that he had embezzled an astounding $8 billion from his cryptocurrency exchange’s customers for personal gain, citing greed as the primary motivator behind his actions. The verdict was delivered by a 12-member jury in Manhattan federal court, with a maximum sentence of between 5 and 20 years in prison for each count. The charges included wire fraud, wire fraud conspiracy, and money laundering conspiracy. Sentencing has been set for March 28, 2024.

FTX EX Founder Found Guilty In Landmark Fraud Case – Report

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According to the latest report, in a high-stakes trial that captured the attention of financial markets and the cryptocurrency community, FTX founder Sam Bankman-Fried has been found guilty of a massive financial fraud scheme. The verdict, delivered after approximately four and a half hours of jury deliberations, marks a significant fall from grace for the once-prominent billionaire.

The trial, which spanned a month, saw Bankman-Fried facing seven counts of fraud and conspiracy. Prosecutors argued that he had looted a staggering $8 billion from customers of his cryptocurrency exchange for personal gain, alleging that greed was the driving force behind his actions.

The verdict was reached by a 12-member jury in Manhattan federal court, carrying a maximum sentence of between 5 to 20 years in prison for each count. The charges included wire fraud, wire fraud conspiracy, and money laundering conspiracy, with the latter carrying a potential 20-year sentence.

U.S. Attorney Damian Williams, the top federal prosecutor in Manhattan, described Bankman-Fried’s crimes as a “multibillion-dollar scheme designed to make him the king of crypto.” This landmark case is now considered one of the most significant financial frauds in American history.

Key FTX Executives Turned Witnesses

Notably, several key FTX executives, including former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and former FTX engineering head Nishad Singh, had previously pleaded guilty to various charges. They cooperated with the government, testifying against Bankman-Fried during the trial.

The verdict comes nearly a year after FTX filed for bankruptcy, leading to the sudden collapse of Bankman-Fried’s estimated $26 billion personal fortune, which had earned him the status of a billionaire.

Bankman-Fried, who had pleaded not guilty to all charges, maintained his innocence during the trial. He distanced himself from key decisions, placing blame on others, including Wang and Ellison, and framing certain actions as borrowing rather than fraud.

The conviction serves as a major win for the U.S. Justice Department and underscores its commitment to rooting out corruption in financial markets, even in the relatively new cryptocurrency industry.

This trial, which saw Bankman-Fried testify in his own defense, is the first of several high-profile cases brought against cryptocurrency executives by U.S. Attorney Damian Williams. 

However, Bankman-Fried’s sentencing is scheduled for March 28, 2024, and he could potentially face decades in prison. His defense lawyer, Mark Cohen, expressed disappointment with the verdict and reiterated Bankman-Fried’s intention to continue fighting the charges.

Related Reading | Massive Bitcoin Powerplay: Northern Data’s €575M Boost Stuns Market

Solana’s Remarkable Rise: From $8 Post-FTX Collapse To $46 Today

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In the crypto world, few coins have seen a journey as remarkable as Solana (SOL). The cryptocurrency has been on an impressive rally, with its value registering a staggering 12.93% gain on the daily chart, reaching a new yearly high at $46 earlier today. This level was last witnessed back in August 2022, making the current surge even more remarkable.

One of the most notable aspects of Solana’s recent performance is its break above the 300-day resistance level at $35. This breach signals the opening of new opportunities for the coin, potentially propelling it to the coveted $40 mark. This bullish momentum has been accompanied by a significant 166.62% boost in the 24-hour trading volumes, underlining the growing interest and enthusiasm surrounding SOL.

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CoinMarketcap

SOL is trading at $43.14, representing an impressive 31.96% increase in the 7-day chart. Analyst Scott Melker, in his excitement, took to Twitter to share his thoughts, stating, “Solana just broke the high from before the FTX collapse. SBF is now officially irrelevant. From $8 after FTX to today’s high.”

John E. Deaton, founder of Crypto-Law.us, also chimed in on this remarkable turn of events, highlighting the impeccable timing. As the SBF (Sam Bankman-Fried) trial gets ready to be handed to the jury, Deaton emphasized that “one of the most important takeaways is to understand that SBF and his conduct have NOTHING to do with Crypto.”

Solana Price Prediction

The 80% surge in SOL’s price over the last two weeks is extraordinary, as it manages to recover all the losses incurred over the past year. In the yearly chart, SOL shows an impressive 35% rebound, making it a hot topic in the cryptocurrency world.

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CoinMarketcap

In a striking prediction, financial giant VanEck recently published a report envisioning a potential 10,600% price rally for Solana by the year 2030. In the most optimistic scenario, VanEck anticipates the SOL price reaching a staggering $3,211.28 by the decade’s end. 

With the current breakout, the immediate target for Solana on the upside is the $46 mark. Surpassing this level would potentially open the gates to a further price rally, with $50 and beyond becoming realistic goals for the SOL community. Solana’s rise is a testament to the dynamism and excitement that continues to define the cryptocurrency market, and it is a coin to watch closely as it aims for new heights.

Binance’s Devastating Plunge: 80% Loss Sparks Crypto Concerns

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Binance, once a crypto juggernaut, has suffered a remarkable fall from grace, epitomized by its co-founder and CEO, Changpeng Zhao. The company’s fortune, valued at nearly $97 billion in January 2022, has since plummeted by over 80%, sending shockwaves through the crypto industry.

As of October 2023, Binance’s revenue estimates were downgraded by a staggering 38% by the Bloomberg Billionaires Index. This dramatic shift has had a profound impact on CZ’s net worth, which has dwindled by $11.9 billion. Zhao, once the 11th richest person globally, now languishes in 95th place on the rich list, with a significantly reduced net worth of $17.3 billion.

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Zhao’s net worth peaked at $96.9 billion in early 2022 before dropping alongside the crypto market. Source: Bloomberg

The catalyst for this decline is the substantial drop in trading volumes at the exchange. The exchange’s spot market share fell from over 55% in January to just 34.3% as of September. Binance.US, its U.S.-based arm, faced similar challenges, witnessing dwindling volumes. This decline in trading activity was exacerbated by the legal troubles that have plagued the exchange.

Binance Battles Legal Storm: SEC and CFTC Showdown

Binance has been embroiled in legal battles with both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The SEC accused Binance and CZ of operating illegally, selling unregistered securities, and mishandling customer assets, with Zhao labeled as the “controlling person.” The CFTC’s lawsuit, filed in March, contended that the exchange had not properly registered with the regulator. Binance and Zhao vehemently deny these allegations and are actively seeking to dismiss both lawsuits.

This downfall is reminiscent of CZ’s rival, Sam Bankman-Fried, whose $16 billion fortune was nearly obliterated in November 2022 when FTX, the exchange he co-founded, disclosed a liquidity crisis and subsequently filed for bankruptcy. Some attribute this crisis to CZ’s tweet announcing Binance’s sale of FTX Token (FTT) holdings, triggering a mass exodus of funds from FTX. Zhao initially attempted to acquire the troubled exchange but withdrew less than 48 hours later.

As CZ navigates this turbulent period, Sam Bankman-Fried finds himself on the witness stand, defending against criminal charges related to fraud and conspiracy. Both CEOs, once symbols of crypto success, now face adversity that could shape the future of their respective empires and the broader cryptocurrency industry.

In a rapidly evolving crypto landscape, the meteoric rise and fall of Binance serve as a stark reminder of the industry’s volatility and the potential consequences of regulatory scrutiny.