Bankman-Fried's Fate Hangs in the Balance as Judge Kaplan Prepares to Sentence

Bankman-Fried's Fate Rests on Judge Kaplan's Shoulders

Sam Bankman-Fried's sentencing on Thursday, March 28, marks a pivotal moment not only for the disgraced crypto kingpin but also for the future of financial fraud cases. Prosecutors are seeking a lengthy sentence of 40 to 50 years, arguing that Bankman-Fried orchestrated a "massive and audacious" scheme. Bankman-Fried's defense, however, is advocating for a more lenient term of 63 to 78 months.

Judge Lewis Kaplan, a veteran jurist known for his sharp intellect, will ultimately determine Bankman-Fried's fate. His handling of the trial, including his incisive questions and grasp of FTX's intricate collapse, suggests he will set an important precedent for future cases.

FTX's Saga Continues: Sullivan and Cromwell Under Scrutiny

The FTX saga extends beyond Bankman-Fried. This week, Robert Cleary, the prosecutor who brought down the Unabomber, was authorized to investigate Sullivan and Cromwell (S&C), FTX's former law firm. Allegations have surfaced that S&C may have violated ethical obligations by misleading Bankman-Fried into handing over control of FTX to John Ray, the new CEO. Law professors have argued that S&C knew these promises were false.

Token Unlocks on the Horizon

Multiple token unlocks are scheduled for this week, with Optimism and dYdX leading the charge. Optimism will unlock 24.16 million OP tokens on March 29, while dYdX will unlock 33.33 million tokens on March 31. Other notable unlocks include Yield Guild Games, SingularityNet, Echelon Prime, and Sui.

Do Kwon's Destination Uncertain

The fate of Do Kwon, the founder of Terraform Labs and the luna cryptocurrency, remains in limbo. Kwon was released from a Montenegrin prison this week, but it is unclear whether he will be extradited to South Korea or the United States. Both jurisdictions are vying for his extradition.