The Ledger: SBF gets 25 years, JetTon launches

More than a year after the high-profile collapse of FTX, its ill-fated leader has been sentenced to 25 years for fraud.

FTX co-founder and CEO Sam Bankman-Fried was this week sentenced to 25 years in prison and ordered to pay an $11bn penalty for fraud, despite his lawyers pleading for a more lenient 6 and half year sentence.

Observers are split on whether SBF meant to defraud users of his platform for his own gain. In the defi community some argue that had his actions taken place in a bank, the punishment would not have been so severe.

Nonetheless, in a Manhattan federal court this week US Judge Lewis Kaplan said in his sentencing remarks that SBF “knew it was wrong. He knew it was criminal”.

The judge said the disgraced crypto boss had shown remorse over miscalculating the risk of getting caught, but “he's not going to admit a thing”.  He uttered “never a word of remorse for the commission of terrible crimes”, the judge added.

SBF is set to appeal the sentence and has the right to do so. Meanwhile, he avoids maximum security prison as he does not pose a threat of violence and it is thought his autism could make him a target.

Earlier this week, ahead of the sentencing, investors were actively betting on what the length of the sentence would be on Polymarket. Wagers ranged between 20 and 50 years, so likely someone will be celebrating a win after Thursday’s news!

On Tuesday, Coinbase were the subject of another Manhattan federal court case in which the US Securities and Exchange Commission (SEC) was permitted to continue its enforcement against the crypto exchange.

Coinbase had tried to protest its innocence against the regulator’s assertion that the exchange had improperly operated as a securities exchange, but US District Judge Katherine Polk Failla came down on the side of the SEC.

“The Court finds that the SEC adequately alleges that Coinbase, through its Staking Program, engaged in the unregistered offer and sale of securities,” she said.

Elsewhere this week, we saw the launch of JetTon Games – a new crypto gaming platform – built on the TON ecosystem, and promising a blend of security, transparency, and user control.

Crypto casino operator My Prize announced it had  raised an additional $13m and had hit a $140m valuation. The project has secured backing from Silicon Valley investors and insiders, making it one of the most ambitious undertakings in the sector, with a strong focus on social crypto gaming and consumer-generated content.

Finally, crypto casino Vave announced its Porsche Tournament this week, offering players a chance to drive away in a Porsche 911.

The car is just the cherry on the cake, however, as the $150,000 prize pool also features luxury watches, exotic resort holidays, all of which is designed to help you feel like a VIP. Players are invited to participate through both March and April.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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