Search Inside Bitcoins

FTX Founder Receives 25-Year Sentence As $IBET Surges 50%

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

SBF
SBF

Join Our Telegram channel to stay up to date on breaking news coverage

In a landmark case for the cryptocurrency world, FTX founder Sam Bankman-Fried was sentenced to 25 years behind bars for his role in a fraud and conspiracy scandal that shook his cryptocurrency exchange and its affiliated hedge fund to their core.

Despite the negative news stories surrounding Sam Bankman-Fried and the FTX exchange collapse, the crypto market has been on a bull run in 2024 and $IBET has emerged as a stand-out investment. Posting 50% gains in the past week, we think $IBET has much further to run.

Sam Bankman-Fried Jailed for 25 Years

“They built something really beautiful and I threw all of that away,” Bankman-Fried lamented, reflecting on the impact of his actions on his FTX colleagues. “The responsibility was mine as the CEO,” he admitted during his trial.

The possibility of facing up to 110 years was on the table for Bankman-Fried due to the extensive fraud conspiracy charges that precipitated the fall of FTX and its related hedge fund. Judge Lewis Kaplan opted for a 25-year sentence after determining Bankman-Fried had committed perjury and obstructed justice during his trial. This significant loss, surpassing $550 million, underscores the vast financial turmoil instigated by the fraud.

As the trial unfolded, victims shared harrowing accounts of the fallout from Bankman-Fried’s actions, with the disgraced founder facing their stories dressed in a standard-issue beige jail uniform. Despite his defense team’s plea for leniency, suggesting a sentence of five to six and a half years, Kaplan’s decision reflects the severity of the crimes committed.

SBF Verdict Delivered Swiftly

The verdict arrived swiftly after a month-long trial that captivated the industry, marking a precipitous fall from grace for Bankman-Fried, who was once celebrated as a crypto empire builder with a valuation soaring to $32 billion. With plans to appeal both his conviction and sentence, Bankman-Fried’s story is far from over, yet it serves as a poignant chapter in the broader narrative of cryptocurrency regulation and investor protection.

InsanityBets: A Beacon of Stability in a Bullish Crypto Market

Amidst the backdrop of this legal drama, the cryptocurrency market is experiencing a notable bull run in 2024, fueled by the anticipation of Bitcoin ETFs and the Bitcoin halving event. Despite negative news stories, such as Bankman-Fried’s sentencing, the crypto market’s resilience is evident, showcasing the underlying strength and optimism among investors.

InsanityBets

In this climate of growth and potential, InsanityBets stands out as an optimal investment opportunity. InsanityBets offers a robust platform with sustainable tokenomics, passive income mechanisms, and proprietary game development. This comprehensive approach positions InsanityBets as a premier GambleFi project, offering investors a secure and growth-oriented choice amidst the market’s volatility.

Choosing InsanityBets in the 2024 Bull Run

The crypto market’s expansion, driven by significant developments like Bitcoin ETFs and the halving event, highlights the importance of selecting investments with enduring value and utility.

InsanityBets, with its focus on sustainable growth, innovative gaming experiences, and rewarding tokenomics, provides a compelling alternative to speculative ventures and projects lacking in substance. A revenue-sharing gamblefi project, we love the fact that 2 smart contract audits have been passed, the stable tokenomics and the detailed whitepaper.

This has the hallmarks of a great long term investment, rather than a pump and dump ICO investment. It’s targeting just a 1% share of the $231 billion online gambling industry, which would see its market cap rise from $7.5m to $2.31bn – investing now could result in huge gains.

At Stage 2 of 15 of their presale, InsanityBets looks set to be a long term winner.

Check the project out here

Join Our Telegram channel to stay up to date on breaking news coverage

Read next

Don't see the answer that you're looking for?

Ask us Now!