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SBF's prison sentence marks the end of the crypto grift era — so what's next?

TechCrunchTechCrunch · 7m
SBF's prison sentence marks the end of the crypto grift era — so what's next?

Federal judge sentenced former FTX CEO Sam Bankman-Fried to 25 years in prison for wire fraud and money laundering. Bankman-Fried and his partners used their cryptocurrency exchange, FTX, to secretly divert customer deposits to their hedge fund, Alameda Research. The scheme was exposed through leaks and investigative work. This sentencing marks a shift towards a more cautious phase in the crypto industry, where developers are urged to build useful applications on blockchain technology. However, the value of most blockchain projects still revolves around speculation, and there hasn't been a successful blockchain-based startup yet. Bitcoin remains as the most stable and widely adopted cryptocurrency due to its tangible backing of energy consumption.

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