Sam Bankman-Fried sentenced to 25 years, dogwifhat climbs in meme coin ranks, and Prisma Finance faces $12M exploit.
Sam Bankman-Fried Receives 25-Year Sentence

Sam Bankman-Fried Receives 25-Year Sentence

Sam Bankman-Fried sentenced to 25 years, dogwifhat climbs in meme coin ranks, and Prisma Finance faces $12M exploit.

Last update:
Mar 30, 2024
| Issue

Welcome to the final edition of Datawallet Daily for the week. As always, we’ve curated the must-know crypto stories from the last 24 hours just for you:

Sam Bankman-Fried Receives 25-Year Sentence

Sam Bankman-Fried was sentenced to 25 years in prison after being found guilty of fraud and conspiracy. His conviction followed the dramatic collapse of FTX in 2022, which resulted in billions of dollars in losses for customers. The sentencing by Judge Lewis Kaplan came with a stark rebuke of Bankman-Fried’s lack of remorse and his portrayal of an altruistic public image. Kaplan emphasized the significant harm caused by Bankman-Fried’s actions, impacting many who lost life savings. Additionally, Bankman-Fried was fined $11 billion. 

His attorney highlighted his autism and intention to act without malice, portraying him as a victim of his own intellectual prowess and ethical intentions gone awry. Bankman-Fried plans to appeal the conviction, stressing the negative impact on FTX customers and expressing regret over his role in the company’s downfall.

Dogwifhat Surges to Third Place Among Meme Coins

The meme coin dogwifhat (WIF), based on Solana, witnessed a significant surge, becoming the third-largest meme coin as it briefly hit the $4 mark. Bitcoin hovered around $70,000, with minimal change, while other cryptocurrencies showed mixed results. Meme coins, particularly dogwifhat, led the market in gains ahead of a long weekend across the U.S., Europe, and parts of Asia. Despite the meme coin rally, trading firms caution against potential pullbacks due to signs of market exhaustion and high speculation levels, especially in Bitcoin and Ether.

Prisma Finance Hit by $12 Million Exploit

Prisma Finance, a DeFi platform issuing stablecoins backed by Ethereum liquid staking tokens, suffered a $12 million exploit. The breach, leading to the theft of 3,258 ETH, prompted a protocol pause and an advisory for users to revoke smart contract approvals. Following the attack, Prisma’s PRISMA token value dropped by 30%, though it has partially recovered, with the current market cap at $9 million. The protocol experienced a significant withdrawal of nearly $110 million, reducing its total value locked to $127 million.

US, UK Investigate $20B Tether Inflow to Russian Exchange

The U.S. and UK are probing $20 billion in transactions involving the stablecoin Tether (USDT) through the Russian exchange Garantex, which has been sanctioned for facilitating money laundering and supporting terrorism. This investigation into the substantial flow of USDT could represent the most significant breach of sanctions since the onset of the Russia-Ukraine conflict in February 2022. 

Garantex was targeted by sanctions in April 2022 by both countries as part of efforts to curb financial activities supporting the Russian aggression in Ukraine. While the probe is in its early stages, there is no immediate indication of wrongdoing by Tether’s parent company.

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