Bankman-Fried, 31, may face a long time in jail after prosecutors mentioned he cheated hundreds of consumers of billions of {dollars} earlier than the collapse of his firms in November, 2022. Prosecutors mentioned he spent the cash on investments, actual property, promotions for his cryptocurrency trade and political contributions.
In a press release issued earlier than the decision was given, the Workplace of the Prime Minster mentioned that the youthful Davis, an creator and researcher on the historical past of slavery in The Bahamas, is the founding father of a non-profit organisation referred to as Sankofa Flamingo, which strengthens Bahamian ties to historic roots in Africa and promotes Junkanoo in Africa.
It mentioned in late 2022, Sankofa Flamingo was exploring methods to make use of NFTs, or non-fungible tokens, to learn Junkanoo artists, straw distributors and others whose artistry could be represented in digital kind and traded on-line.
“Within the Fall of 2022, FTX was probably the most outstanding exchanges for the commerce of digital property, together with NFTs. NFTs have been thought to carry nice promise for offering artists with a brand new income stream to assist their work.
“Christopher Davis and a fellow non-profit colleague had a single assembly with Mr. Bankman-Fried to be taught extra about NFTs. Neither Christopher nor his Non-Revenue acquired any funding because of the assembly,” the transient assertion added.
Bankman-Fried was extradited from The Bahamas to america final December. He was initially freed on a US$250 million private recognisance bond to dwell along with his mother and father in California. However he was jailed in August after a choose concluded that he had tried to tamper with attainable trial witnesses.
Bankman-Fried testified for 3 days, through the month-long trial telling the jury he didn’t commit fraud. Three of his former fellow prime executives pleaded responsible to fraud fees and testified in opposition to him.
