- The CEO of FTX Digital Markets will reportedly plead guilty in the future.
- Sentiment around FTT fell.
Since the fall of FTX [FTT] and Alameda Research in 2022, the members involved in both firms have come under heavy scrutiny for their behavior. However, prosecutors were also criticized for the lack of progress in the legal proceedings against FTX.
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However, things can turn for the better as members of the group can plead guilty to their actions.
The legal battle continues
Former FTX Digital Markets co-CEO Ryan Salame was reportedly in talks with US authorities about a possible guilty plea. According to an Aug. 8 Bloomberg report, Salame’s attorneys could file a plea of guilty in September.
This move comes ahead of the upcoming criminal trial against ex-FTX CEO Sam Bankman-Fried, which is set to begin October 2.
In addition, Salame had been under investigation by prosecutors for possible violations of US campaign finance laws. The allegations were related to his girlfriend Michelle Bond’s congressional campaign, in which she allegedly exceeded federal contribution limits.
FTX Digital Markets, the crypto exchange’s affiliate based in the Bahamas, is where Salame alerted authorities to the alleged fraud involving FTX and Bankman-Fried.
The role Salame could play as a witness in both Bankman-Fried trials remains uncertain.
What will happen with SBF?
Bankman-Fried’s potential jail time is significant if convicted on the original seven-count indictment, which focused on multibillion-dollar fraud against FTX investors. Additional campaign finance charges were dropped in July due to the extradition treaty between the US and the Bahamas.
An important restriction arising from the Bahamas Convention is that prosecutors cannot bring new charges against an extradited person without permission from the foreign government.
Although the US government had initially requested Bankman-Fried’s extradition on a seven-count charge, they were unable to obtain permission from the Bahamas to add campaign finance and bribery charges to his charges.
State of FTT
Due to the speculation surrounding the resurgence of FTX, interest in FTT started to rise. At the time of writing, FTT, the native token for FTX, was trading at USD 1.18. The price is up 0.75% in the last 24 hours.
Realistic or not, here is the market cap of FTT in terms of BTC
However, weighted sentiment around FTT fell, suggesting an increase in social negativity.
The volume with which FTT was traded also decreased during this period.
Source: Sentiment