The release of Sam Bankman-Fried (SBF) on secure bail has surprised many in the crypto community. A section of crypto analysts and traders have expressed their concern about the whole scenario.
This is against the backdrop of the huge loss suffered due to the FTX collapse. In a matter of days, the FTX stock market went from a valuation of $32 billion to just $1 billion. The news of FTX’s liquidation crisis caused the price of the FTX token (FTT) to drop at a rapid pace.
Sam Bankman-Fried’s (SBF) endorsement is one of the most important.
Amidst the collapse of FTX from a valuation of $32 billion to $1 billion, SBF’s bail is being touted as one of the largest in white collar crime history. This comes after Sam Bankman-Fried recently revealed that he holds no more than $100,000. He made these comments after the announcement of FTX’s bankruptcy. In announcing FTX’s bankruptcy, the company also announced SBF’s resignation as the company’s CEO. Following this, John J. Ray III took over the management of FTX in order to complete the bankruptcy process of the company.
“It’s funny how SBF is able to post a $250 million bond shortly after saying he only has $100,000. So he’s probably using stolen customer deposits to stay out of jail.”
Meanwhile, the price of the FTX token (FTT) continues to trade at extremely low levels compared to the levels of the first wee of November. At the time of writing, the price of FTT is $1.00, up 18.06% over the past 24 hours, according to price tracking platform CoinMarketCap.