{"id":12456,"date":"2023-11-11T03:36:29","date_gmt":"2023-11-11T03:36:29","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/sam-coins-rally-ahead-of-potential-march-trial-ftx-reboot-sam-coins-rally-ahead-of-potential-march-trial-ftx-reboot\/"},"modified":"2023-11-11T03:36:29","modified_gmt":"2023-11-11T03:36:29","slug":"sam-coins-rally-ahead-of-potential-march-trial-ftx-reboot-sam-coins-rally-ahead-of-potential-march-trial-ftx-reboot","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12456","title":{"rendered":"&#8220;Sam Coins&#8221; Rally Ahead of Potential March Trial, FTX Reboot &#8220;Sam Coins&#8221; Rally Ahead of Potential March Trial, FTX Reboot"},"content":{"rendered":"<div>\n<figure id=\"attachment_126507\" aria-describedby=\"caption-attachment-126507\" style=\"width: 951px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-126507\" class=\"wp-caption-text\">Source: a video screenshot, ABC News \/ YouTube<\/figcaption><\/figure>\n<p>A number of altcoins bankrolled by recently convicted FTX founder, Sam Bankman-Fried, appropriately dubbed \u201cSam coins,\u201d have continued to rally this week ahead of his potential March trial.<\/p>\n<p>With FTT up 200%, altcoins such as serum, maps, and oxygen have also outshined this week, with the <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/tradingview\/status\/1721601276717277599?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1721601276717277599%7Ctwgr%5E3cf63b02cdb682b5fd1210812cb9303d34c233d0%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fis-it-altseason-altcoin-30-day-performance-and-total-market-cap-flash-bullish\">total crypto market capitalization at a 14-month high<\/a>.<\/p>\n<h2>Gensler\u2019s words of advice on FTX reboot<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>FTT\u2019s dramatic increase comes amidst inklings of a potential FTT reboot, with\u00a0U.S. Securities and Exchange Commision Chair Gary Gensler\u2019s advising CEO of Bullish and FTX bidder, Tom Farley, on how to operate within the crypto industry.<\/p>\n<p>\u201cIf Tom or anybody else wanted to be in this field, I would say do it within the law,\u201d Gensler reportedly said.<\/p>\n<p>\u201cBuild the trust of investors in what you\u2019re doing and ensure that you\u2019re doing the proper disclosures \u2013 and also that you\u2019re not commingling all these functions, trading against your customers,\u201d Gensler continued. \u201cOr using their crypto assets for your own purposes.\u201d<\/p>\n<h2>More trouble ahead<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The surge in \u201cSam coins\u201d comes just one week after Bankman-Fried was found guilty on seven fraud charges in Manhattan federal court. The former \u201cking of crypto,\u201d who is currently being held in Metropolitan Detention Center in Brooklyn, New York, faces a potential maximum sentence of 110 years in prison total.<\/p>\n<p>However, Bankman-Fried\u2019s problems extend long beyond his most recent federal fraud conviction.<\/p>\n<p>The Department of Justice must decide by February 1st whether or not they will proceed with another trial against Bankman-Fried for additional charges relating to his conduct at FTX and sister trading firm, Alameda Research. In particular, Bankman-Fried is facing a foreign bribery charge that alleges he transferred $40 million \u201cintended for the benefit of one or more Chinese government officials in order to influence and induce them.\u201d<\/p>\n<h2>Testimony from Ellison details foreign bribery<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Prosecutors allege Bankman-Fried and a number of his associates attempted to unlock over $1 billion in frozen accounts on exchanges OKX and Huobi using a variety of methods. Former Alameda Research CEO, Caroline Ellison testified that Bankman-Fried used the identities of Thai sex workers in a bid to regain access to their accounts, which ultimately proved futile.<\/p>\n<p>According to testimony from Ellison, a trader from Alameda Research attempted to dissuade Bankman-Fried when he made mention of bribing Chinese officials. Ellison then claimed Bankman-Fried yelled at the trader to \u201cshut the f-ck up\u201d before successfully gaining access to the accounts.<\/p>\n<p>Bankman-Fried\u2019s next trial is currently scheduled for March 11th, 2024, while his sentencing for his most recent conviction is set for March 28th, 2024.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/sam-coins-rally-ahead-of-potential-march-trial-ftx-reboot.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: a video screenshot, ABC News \/ YouTube A number of altcoins bankrolled by recently convicted FTX founder, Sam Bankman-Fried, appropriately dubbed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":12457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-12456","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>&quot;Sam Coins&quot; 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