SBF Sentence Shorten Pass 4 Years As FTX Dey Pay Creditors $5 Billion; FTT Token Still Down After Wahala
Sam Bankman-Fried, wey be former CEO for FTX, don get 25 years for jail because of fraud and say e plan to carry customer money wey be $11 billion through FTX and Alameda Research. Because of good behavior and time wey e don spend for prison before dem give am sentence, e fit get over 4 years reduction for hin jail term, so e fit comot after around 21 years. Dis one resemble wetin happen to Caroline Ellison, wey be former Alameda CEO, wey dem reduce her sentence. After FTX fall, the exchange—wey John J. Ray III dey lead now—go start to pay creditors their second money on May 30, dem go share over $5 billion to customers wey qualify. Dis payment na big step for FTX recovery and restructuring. Even with all dis, FTX own token FTT still dey under pressure, e don fall 27% since beginning of di year and e dey trade around $1.14, wey show say market still dey doubt and di FTX wahala get long-term effect. Dis news important for crypto traders because e dey affect how market dey feel, how dem go regulate am, and if affected users and assets fit recover.
Bearish
Even as dem announce say dem go pay back $5 billion to creditors, wey be good tin for FTX users to get dia money back and show say dem dey make progress for court, di way FTT token price just dey fall and pipu still dey doubt di market show say di positive impact on di token self no too much. Di FTX wahala still dey weigh market sentiment down well well, as FTT don fall 27% dis year and e far from di highest price e don ever reach. Di way dem reduce Sam Bankman-Fried sentence no go fit bring back confidence or pipu wey go wan buy FTT or any related assets, especially as regulatory pipu still dey look dem well well and dia name don spoil. So, for short to medium term, FTT go still dey for down trend.