Sam Bankman-Fried trial almost finished and Solana wins 90% in a month

In New York, the jury will begin deliberating to find an appropriate sentence (or acquittal, but that seems unlikely) for Sam Bankman-Fried and all other defendants in the FTX lawsuit. In the world of crypto, most commentators are happy that the process is almost over so that we can once again focus fully on the price of Bitcoin, Ether and all other digital currencies.

Bitcoin meanwhile ends a very positive month of October while Solana was the winner of the month among the major altcoins.

New York

Over three days this week, New York judge Kaplan finally let Sam Bankman-Fried explain his actions during the FTX trial, but the outcome wasn’t exactly earth-shattering.

Sam tried to portray himself as some kind of math nerd who only wanted to do good for the world and who was not the cause of FTX’s bankruptcy.

According to him and his team of lawyers, the disappearance of nearly $8 billion in client funds was the fault of his team of managers and directors. The proof of this, he says, can be found in the fact that no one was fired during the last few months of FTX.

If Sam had really known that so much money was disappearing from FTX’s accounts, he would have fired people.

Neither the judge nor the jury were impressed by the Sam’s version and it is therefore expected that he will receive a severe sentence. After deliberation by the jury, we will probably soon get to the end of the trial and know the sentence.

Uptober

The month of October is traditionally a very good one for Bitcoin (and crypto as a whole) that traders have nicknamed it ‘uptober. October 2023 also did what it has done in the past and ended with a 29% gain for Bitcoin.

This makes it the second best month of this year, after a 39% gain in January. We are curious to discover what November and December will bring, as these are historically also positive months for Bitcoin.

Solana

A year ago, when FTX went bankrupt, it seemed almost game over for Solana, the digital currency that many thought would become an “Ethereum killer,” as SBF had invested so much of his funds into Solana. Traders worried that Solana could never recover.

But now that it appears the demise of FTX will not have too much of an impact on Solana, the cryptocurrency is having an extremely positive month as a result, rising 90% in a matter of weeks.