Galaxy Digital states that the cryptocurrency market has undergone changes since the bankruptcy of the FTX exchange in November 2022, and the market conditions that allowed FTX and its founder SBF to rise no longer exist.
Financial services company Galaxy Digital pointed out in a research report released last Friday that the cryptocurrency market has undergone changes since the bankruptcy of the FTX exchange in November 2022, and the market conditions that allowed FTX and its founder SBF to rise no longer exist.
Galaxy Digital: There will be no second SBF
Galaxy Digital analyst Lucas Tcheyan pointed out that unlike FTX, emerging exchanges now allow users to custody their own crypto assets to ensure direct control over their cryptocurrencies.
On the other hand, the approval of Bitcoin spot ETF trading has also changed the market investment environment, allowing US users to invest in the cryptocurrency market through compliant channels, similar to purchasing stocks.
SBF sentenced to 25 years
FTX founder SBF was sentenced to 25 years in prison on March 28 by the US Federal District Court for charges including wire fraud, among others. His assets worth over $11 billion were also seized, finally paying a painful price for the harm caused to investors.
However, SBF still defends his actions and his defense team plans to appeal later this year, stating that certain testimonies during the trial “seriously misstated what actually happened” and that his defense team “was not allowed to present key evidence or provide important witnesses.”
Further reading:
SBF interviewed for the first time after being sentenced to 25 years: Never thought I was breaking the law! Severe distortion of facts will be appealed again.
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