After a legal saga lasting several months, Sam Bankman-Fried, the ex-crypto tycoon and former boss of FTX, was sentenced to 25 years in prison. Now the question arises of the fate reserved for his former associates who also potentially played a role in the collapse of the crypto exchange FTX.
Towards incarceration for the former associates of Sam Bankman-Fried?
After the recent conviction of Sam Bankman-Fried, attention is now focused on his former associates at FTX. These include Caroline Ellison, Gary Wang, Ryan Salame and Nishad Singh, who must take legal responsibility in the FTX crypto exchange scandal.
While the former crypto king Bankman-Fried is now awaiting a 25-year prison sentence following his conviction by the American courts, a question is now on everyone's lips. What does justice have in store for Sam Bankman-Fried's former associates?
The answer to that question is not easy. Crypto analysts believe it will potentially be handled on a case-by-case basis. And the reason is simple. Some of those involved, such as Caroline Ellison, cooperated with the authorities.
This will potentially merit some leniency from the courts. But we don't yet know if that's enough to shield them from any legal liability. Therefore, they remain exposed to possible incarceration.
Prison for at least one of the associates of the ex-king of crypto
The only certainty at the moment concerns Ryan Salame, former co-general manager of FTX Digital Markets, one of FTX's divisions. The latter is accused of several offenses linked to the collapse of the crypto exchange FTX.
Ryan Salame was convicted of operating an unlicensed money transfer business and making illegal political contributions. Offenses for which a conviction must be pronounced on 1er may.
For the others, namely Caroline Ellison, Gary Wang and Nishad Singh, there is no certainty that a conviction will be handed down against them. Which is not in itself surprising when we know the course of events in the Bernard Madoff affair.
For the moment, the defendants are busy continuing their lives, particularly professionally. The latest news is that Nishad Singh has accepted a position as a software engineer in California, as has Gary Wang, who works in a technology company. Caroline Ellison returned to her parents while awaiting the consequences of this affair which has shaken the crypto industry for several months.
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