Crypto: SBF convicted, what fate for his former associates?

After a several-months-long legal saga, Sam Bankman-Fried, the former crypto tycoon and ex-CEO of FTX, has been sentenced to 25 years in prison. The question now arises as to the fate of his former associates who may also have played a role in the collapse of the FTX crypto exchange.

Towards Incarceration for Former Associates of Sam Bankman-Fried?

Following the recent sentencing of Sam Bankman-Fried, attention is now turning to his former associates at FTX. This includes Caroline Ellison, Gary Wang, Ryan Salame, and Nishad Singh, all of whom must face their legal responsibility in the FTX crypto exchange scandal.

While the former crypto king Bankman-Fried now awaits a 25-year prison sentence following his conviction by the American justice system, one question is now on everyone’s lips. What does justice have in store for Sam Bankman-Fried’s former associates?

The answer to this question is not straightforward. Crypto analysts believe it will likely be treated on a case-by-case basis. The reason is simple. Some involved, like Caroline Ellison, have cooperated with the justice system.

This may potentially result in a certain lenience from the justice system. But it is not yet known if this is enough to absolve them of all legal responsibility. Therefore, they still remain at risk of possible incarceration.

After Sam Bankman-Fried’s Sentencing, Spotlight Turns to Former #FTX Associates pic.twitter.com/911gcKF2Ej

— CoinXander (@CoinXander) April 2, 2024

Prison for At Least One Associate of the Former Crypto King

The only certainty at the moment is particularly concerning Ryan Salame, former co-CEO of FTX Digital Markets, one of FTX’s divisions. He is accused of several offenses related to the collapse of the FTX crypto exchange.

Ryan Salame, in particular, has been found guilty of operating an unlicensed money transfer business and making illegal political contributions. Offenses for which a sentencing verdict is to be announced on May 1st.

For the others, namely Caroline Ellison, Gary Wang, and Nishad Singh, there is no certainty that a conviction will be pronounced against them. This is not in itself surprising when one knows the proceedings of the Bernard Madoff affair.

For now, the accused are busy continuing the course of their lives, especially on a professional level. According to the latest information, Nishad Singh has accepted a position as a software engineer in California, just like Gary Wang who works in a tech company. Caroline Ellison has returned to her parents’ home while waiting for the outcome of this case that has been shaking the crypto industry for several months.