The guilty verdict in the criminal trial of Sam Bankman-Fried—delivered by a jury shortly before 8 p.m. ET in New York—triggered a torrent of reactions across the still vibrant crypto community on Twitter. The overall mood was closer to smug schadenfreude than jubilant, but there were hot takes across the spectrum.
“Should let the SBF trial be a clear warning for other operators in crypto,” wruote crypto analyst and venture capitalist Adam Cochran. “If you play with people’s funds, they’ll get you in the end, and the first one or come forward gets the least punishment.”
Noting that Bankman-Fried was largely doomed given the damning testimony of former colleagues, Cochrane pointed out that former Alameda CEO Caroline Ellison will face minimal jail time whereas the FTX co-founder “likely faces life in prison.”
“Do you really trust your coconspirators when it’s all on the line?” he asked. “Like, would you really trust Justin Sun not to rat you out?”
“Careful out there sketchbags,” he concluded.
Should let the SBF trial be a clear warning for other operators in crypto.
Caroline and others came forward first and will face minimal time.
SBF didn’t and likely faces life in prison.
If you play with peoples funds, they’ll get you in the end, and the first one or come…
— Adam Cochran (adamscochran.eth) (@adamscochran) November 3, 2023
Nic Carter, founder of CoinMetrics and venture partner in Castle Island, was more succinct, Tweeting, “RIP BOZO.”
RIP BOZO
— nic 🌠 carter (@nic__carter) November 2, 2023
Convicted felon Martin Shkreli, known as “Pharma Bro,” was more circumspect. When someone suggested he would be doing “a victory lap” given the news, Shkreli disagreed.
“I feel bad for him,” he wrote. “There is no victory for anyone here.”
no, i feel bad for him, there is no victory for anyone here.
— Martin Shkreli (e/acc) (@wagieeacc) November 3, 2023
It only took a few hours of deliberation to come to a decision—”the jury even had time for lunch,” one Twitter user noted. According to courtroom reports, Bankman-Fried’s parents were there to hear the verdict.
Joseph Bankman and Barbara Fried were present for the reading of the verdict.
Joe folded forward in his seat. Barbara put her fingers in her ears as if wishing not to hear.#ftxtrial https://t.co/ymTnc76Lra
— David Z. Morris (@davidzmorris) November 3, 2023
The decision comes one year after Coindesk reported on an internal FTX balance sheet that revealed just how troubled the exchange’s finances were—setting off a chain reaction that decimated the crypto industry.
Exactly one year since the infamous Coindesk article. Justice is served.
— Meet the Exoplanets (@meet_exoplanets) November 3, 2023
