The cryptocurrency industry is looking ahead these days, hoping that Sam Bankman-Fried’s recent criminal fraud conviction provides an opportunity to break with an unsavory past and chart a respectable future. It’s a nice thought for a business that has amazing potential, but, in our view, it is premature to be turning the page. Cryptocurrencies are digital files akin to money that trade actively on the Internet. Their reputation has a long way to go to overcome the Sam Bankman-Fried effect.
SBF said some version of “I don’t recall” more than 140 times during his testimony, only to be shown media interviews, texts and other evidence that indicated his recall was selective. SBF also antagonized the judge by violating terms of his bail while awaiting trial, as when he leaked to the press sensitive personal papers of Caroline Ellison, a star witness against him. Judge Kaplan revoked his bail and showed frustration with SBF’s demeanor on the witness stand.
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