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Home > News
Published: 29/03/2024
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Author: Kane
Sam Bankman-Fried Sentenced to 25 Years in Prison for 7 Charges
On March 28, 2024, Sam Bankman-Fried was officially sentenced by Judge Lewis Kaplan to a prison term of up to 25 years for 7 different charges.
Azcnews Breaking
Previously, after a trial lasting over a month at the end of last year, Sam Bankman-Fried (SBF), the key figure behind the collapse of the cryptocurrency exchange FTX in November 2022, was convicted on all 7 charges brought against him.
The prosecution had recommended a sentence of 40 to 50 years for Bankman-Fried, along with a fine of $11 billion, while defense attorneys argued that a sentence of 63-78 months would be “fairer.” Since then, SBF has been held in pretrial detention at the MDC prison in New York City, awaiting the official sentencing date.
Yesterday, at 13:30 UTC on March 28, 2024, Sam Bankman-Fried once again appeared in court in Manhattan (USA) to receive the final verdict for the various charges and conspiracies related to the collapse of FTX.
According to reports from lawyer Matthew Russell Lee, the crowded courtroom attendees included the jury, prosecutors, Assistant U.S. Attorneys, witness Sunil Kavuri, and SBF’s lawyers Mark Mukasey and Torrey Young. Sam Bankman-Fried was escorted into court in the light brown uniform of the Metropolitan Detention Center in Brooklyn (MDC).
Related: Sam Bankman-Fried’s Request to Postpone Sentencing was Denied
The verdict for Sam Bankman-Fried
Sam Bankman Fried
Sam Bankman Fried
After hearing arguments from all parties and considering the factors set forth in Section 3553 of the law, Judge Kaplan concurred with the characterizations of Sam Bankman-Fried’s background. SBF is also a privileged citizen, raised by loving parents and enjoying numerous advantages.
Judge Kaplan noted that the Bureau of Prisons recommended a sentence of 105 years, while the government sought 40-50 years. However, those sentences are higher than necessary. The punishment must be commensurate with the seriousness of the crimes and also perceived as fair.
Therefore, United States District Judge Lewis Kaplan sentenced Sam Bankman-Fried to 25 years in prison for 7 serious charges of defrauding billions of dollars.
Gary Wang, Caroline Ellison, Nishad Singh, and Ryan Salame – four other individuals associated with FTX and Alameda Research indicted in the case with SBF – pleaded guilty and accepted plea deals.
Salame, former COO of FTX Digital Markets, was the only one of the four who did not testify at Bankman-Fried’s criminal trial. However, he may be the next to stand trial to hear his sentence on May 1, 2024.
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#Sam Bankman-Fried
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Home > News
Published: 29/03/2024
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Author: Kane
Prisma Finance Hacked for $11 Million
Prisma Finance, a leading decentralized finance (DeFi) protocol, has fallen victim to a sophisticated hack related to the FixFloat exchange, resulting in a loss of $9 million.
Azcnews Breaking
Table of Contents
Prisma Finance Falls Victim to $11 Million Attack
According to cybersecurity firm Web3 Cyvers, which was the first to detect suspicious transactions related to Prisma Finance, the attacker, allegedly sponsored by FixFloat, executed multiple transactions aiming to steal 1,965.39 Ethereum (wstETH) initially valued at around $9 million.
Blockchain security company PeckShield confirmed the attack, stating that Prisma’s wrapped assets mkUSD and stETH were among the stolen assets. Subsequently, the hacker converted these assets into Ethereum (ETH), indicating calculated actions aimed at exploiting vulnerabilities in the platform.
Following the initial alert, PeckShield discovered an additional $1 million fraudulent transaction, raising the total stolen amount to nearly $11 million, warning of “an ongoing attack, with the total damages now escalating to ~3,257.7 ETH (valued at ~$11.6 million).”
PeckShield urged wallet owners to remain vigilant and adhere to official notifications to avoid scams. They also warned of other fraudsters taking advantage of the situation, pointing out the presence of a fake Prisma account attempting to deceive users with suspicious links.
In response, Prisma Finance updated users on Twitter regarding the situation. They announced the temporary suspension of the protocol for thorough investigation and advised users to disconnect to prevent further losses.
According to Immunefi, in the first quarter of this year, the cryptocurrency industry suffered $336.3 million in damages due to hacks and scams. Immunefi noted that DeFi, with nearly $100 billion TVL, remains a top target for hackers, while CeFi did not record any exploitation during the same period.
Despite significant losses, $73.9 million (22%) has been successfully recovered after 7 exploit incidents. Additionally, the number of attacks decreased by 17.6% from 74 incidents in Q1/2023 to 61 incidents.
While the $336.3 million loss is substantial, it represents a 23.1% decrease compared to the $437.5 million during the same period last year.
Related: Founder of NFT Collection Milady Targeted by Hacker Attack
Prisma Finance and Price Volatility
Prisma Finance is a decentralized finance (DeFi) protocol that allows users to mint and borrow the stablecoin mkUSD using tokens as collateral assets (LSTs – Liquid Staking Tokens). Currently, Prisma supports 4 types of LSTs that can be used as collateral assets, including: wstETH (Lido), rETH (Rocket Pool), sfrxETH (Frax Finance), and cbETH (Coinbase).
Notably, Prisma Finance is a liquidity-focused collateral token DeFi protocol with a total value locked (TVL) of over $222 million, according to DefiLlama.
Chart Prisma FinanceRead More
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#Prisma Finance
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