Despite being incarcerated, Sam Bankman Fried (SBF), the disgraced founder of collapsed crypto exchange FTX, continues recommending Solana investment to prison guards.
Sam Bankman-Fried (SBF), the disgraced founder of now-defunct crypto exchange FTX, has continued to promote crypto investing to prison wardens despite being held at the Brooklyn Metropolitan Detention Center.
SBF Promotes Solana Investing
An anonymous source familiar with the matter told the New York Times that the infamous FTX founder has been sharing crypto market tips with prison guards.
Specifically, SBF urged prison guards to invest in Solana (SOL), the fifth-largest coin by market capitalization. The development will not surprise many, given that SBF has been a major proponent and investor of Solana.
Before his incarceration, SBF had invested heavily in Solana via FTX and its sister company, Alameda Research. During SBF’s trial last year, he revealed that he invested a portion of Alameda Research’s profit in SOL when a unit was trading at $0.20.
Although SBF did not provide ample details about his early investment in SOL, the investment likely relates to a funding round held by the Solana team during its early days.
At the time, Solana raised $314.15 million after completing a private token sale in 2021. Notable investors like Andreessen Horowitz (a16z), Polychain Capital, and Alameda Research participated in the round.
Besides investing in Solana, SBF also promoted SOL in multiple interviews, saying the coin is underrated compared to its price. Interestingly, SBF played a major part in pushing SOL to an all-time high of $251 in 2021.
While Solana benefited from its affiliations with SBF, the crypto project suffered the most following the devastating collapse of FTX. Solana, nicknamed “Ethereum Killer,” saw the value of its native token plunge to a paltry $9 in 2022.
However, the price of SOL has rebounded ever since. A unit of SOL is trading at $112.65 at press time, up 6.9% over the past 24 hours.
SBF Awaits Sentencing
Meanwhile, SBF is currently awaiting sentencing, with federal prosecutors expected to file a recommendation by March 15.
SBF has also made significant efforts to ensure he receives a reduced sentencing. According to reports, the disgraced crypto exec hired the services of Marc Mukasey ahead of the upcoming sentencing.
Interestingly, Mukasey, who represented former U.S. President Donald Trump, and other SBF lawyers are recommending that the FTX founder spends nothing more than 6.5 years in federal prison. It bears mentioning that SBF could stay behind bars for up to 115 years.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
