Sam Bankman-Fried Seeks Appeal For Conviction And Sentence

Here are some of the major developments from the world of crypto over the past few days.
some of the major developments from the world of crypto
some of the major developments from the world of crypto

Lawyers representing Sam "SBF" Bankman-Fried have filed the paperwork to appeal the conviction and sentence of the former FTX CEO. In an April 11 notice filed in the United States District Court for the Southern District of New York, attorney Alexandra Shapiro said Bankman-Fried intended to appeal his conviction on seven felony counts by a jury and Judge Lewis Kaplan’s sentence of 25 years in federal prison.

SBF’s lawyers said they planned to appeal at the March 28 sentencing hearing, so the filing was expected. The case against Bankman-Fried and his associates began in November 2022, when cryptocurrency exchange FTX experienced liquidity issues and filed for bankruptcy. A jury convicted Bankman-Fried of seven felony counts in November 2023.

Bankman-Fried’s filing will now likely go to the Second Circuit Court of Appeals, where a panel of judges could decide whether to affirm the decision in the former FTX CEO’s conviction in federal court or reverse the decision and set the groundwork for a possible new trial. Shapiro’s filing did not suggest on what grounds SBF would seek an appeal.

El Salvador’s newest Hilton hotel to tap into tokenized debt on Bitcoin

Investors will need to make a minimum $1,000 investment to purchase the token, which will be issued on the Bitcoin layer 2 Liquid Network under the ticker HILSV. The new Hilton hotel in El Salvador will use tokenized debt on the Liquid Network's Bitcoin. Investors can own part of the 4,500-square-foot Hampton by Hilton hotel in El Salvador by purchasing tokens issued on the Bitcoin Network 2. This is facilitated by Bitfinex Securities and Inversiones Laguardia S.A., marking the country's first real estate development with managed debt supply.

The hotel will be located at El Salvador International Airport, and Inversiones Laguardia aims to raise $6.25 million from crowdfunding in exchange for a 10% voucher for 5 years. Investors must invest at least $1,000 to purchase the token under the codename HILSV on the Liquid Network platform created by Blockstream in 2018. The hotel project includes five floors, 80 rooms, five business areas, and various facilities such as a swimming pool, restaurant, gym, and garden.

El Salvador's move to introduce tangible assets shows that the country is embracing Bitcoin and the new financial system. This strategic expansion, which began in April 2023 with the licensing of Bitfinex to provide digital asset services, opens new opportunities for the public to access the financial market. The project charts a new era in capital markets in El Salvador and demonstrates the power to transform economic outcomes based on Bitcoin.

MarginFi Faces $190M Outflow as CEO Resigns Amid Token Controversy

Funding for MarginFi, a Solana-based DeFi protocol, surged to $200 million in just two days following the abrupt resignation of CEO Edgar Pavlovsky. On April 10, former MarginFi CEO Edgar Pavlovsky announced his resignation, citing disagreements within and outside the company. Just hours earlier, Pavlovsky had been engaging with users on X who were requesting the protocol to launch the long-awaited MRGN governance token.

SolBlaze claimed that MarginFi had allegedly failed to replenish BLZE token emissions for its users. MarginFi co-founder MacBrennan Peet however defended against the claims, arguing that recent delays were due to chain congestion and user safety concerns. Peet described SolBlazes accusations as completely wrong and claimed his platform had consistently paid out more than its required amount to BLZE lenders and borrowers.

Despite the internal discord that was catapulted into public view, MarginFi has reassured its users that all its products were unaffected by Pavlovsky’s departure, adding that the team remained committed to growing the protocol moving forward.

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