“Sam Coins” Rally Ahead of Potential March Trial, FTX Reboot
A number of altcoins bankrolled by recently convicted FTX founder, Sam Bankman-Fried, appropriately dubbed “Sam coins,” have continued to rally this week ahead of his potential March trial.
With FTT up 200%, altcoins such as serum, maps, and oxygen have also outshined this week, with the total crypto market capitalization at a 14-month high.
FTT’s dramatic increase comes amidst inklings of a potential FTT reboot, with U.S. Securities and Exchange Commision Chair Gary Gensler’s advising CEO of Bullish and FTX bidder, Tom Farley, on how to operate within the crypto industry.
“If Tom or anybody else wanted to be in this field, I would say do it within the law,” Gensler reportedly said.
“Build the trust of investors in what you’re doing and ensure that you’re doing the proper disclosures – and also that you’re not commingling all these functions, trading against your customers,” Gensler continued. “Or using their crypto assets for your own purposes.”
The surge in “Sam coins” comes just one week after Bankman-Fried was found guilty on seven fraud charges in Manhattan federal court. The former “king of crypto,” who is currently being held in Metropolitan Detention Center in Brooklyn, New York, faces a potential maximum sentence of 110 years in prison total.
However, Bankman-Fried’s problems extend long beyond his most recent federal fraud conviction.
The Department of Justice must decide by February 1st whether or not they will proceed with another trial against Bankman-Fried for additional charges relating to his conduct at FTX and sister trading firm, Alameda Research. In particular, Bankman-Fried is facing a foreign bribery charge that alleges he transferred $40 million “intended for the benefit of one or more Chinese government
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