Solana

Foundation

<p>In an unexpected turn of events,<a href="https://www.cryptopolitan.com/sam-bankman-fried-planning-to-buy-tether/" rel="noopener noreferrer nofollow"> Sam Bankman-Fried</a>, the former CEO of FTX, has found himself in prison, where he’s been actively working on his legal defense. However, rather than allowing his circumstances to dampen his spirits, Bankman-Fried has been utilizing his time to share insights into the cryptocurrency market, particularly promoting Solana’s (SOL) potential.</p>
<h2 class="wp-block-heading" id="sam-bankman-fried-promotion-of-solana-amidst-legal-battles">Sam Bankman-Fried promotion of Solana amidst legal battles</h2>
<p>Despite facing a lengthy prison sentence of up to 110 years for fraud, Bankman-Fried hasn’t lost his enthusiasm for the crypto industry.<a href="https://www.nytimes.com/2024/02/27/technology/sam-bankman-fried-fraud-ftx.html" rel="noopener noreferrer nofollow" target="_blank"> Reports</a> indicate that he has been engaging with prison guards, offering them advice on investing in Solana’s native coin, SOL.</p>
<p>Bankman-Fried’s advocacy for Solana stems from his belief in its superiority as a faster and cheaper alternative to Ethereum.</p>
<h2 class="wp-block-heading" id="solana-s-road-to-redemption">Solana’s road to redemption</h2>
<p>The association between Solana and FTX faced a significant setback following the collapse of the latter. The fallout resulted in a decline in SOL’s price, dipping below $10 amid concerns over FTX’s fraudulent activities and potential liquidation of SOL holdings. Despite efforts to distance itself from FTX, Solana continues to grapple with the reputational fallout.</p>
<p>In a bid to rebuild trust and regain momentum, Solana has undertaken various initiatives. January saw the unveiling of Solana Mobile’s ‘Chapter 2’ web3 smartphone, which garnered over 25,000 pre-orders, signaling a renewed interest in the ecosystem.</p>
<p>&nbsp;Additionally, the Solana Foundation recently initiated a hackathon program in collaboration with Colosseum, aimed at fostering innovation and development within the community.</p>
<h2 class="wp-block-heading" id="sbf-s-legal-strategy">SBF’s legal strategy</h2>
<p><a href="https://www.cryptopolitan.com/former-celsius-ceo-alex-mashinsky-hires-legal-team-sam-bankman-fried/" rel="noopener noreferrer nofollow">Bankman-Fried</a>, supported by a new legal team led by attorney Marc Mukasey, is appealing his conviction and seeking a reduced sentence ranging from 5 to 6.5 years. With the backing of his parents and a network of supporters, including law professors and former employees, Bankman-Fried’s defense emphasizes the absence of malicious intent in FTX’s operations.</p>

Behind bars, Ex-FTX Sam Bankman-Fried chief champions Solana’s crypto potential

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