Next week in crypto: $200 million in OP, DYDX unlocks, SBF condemnation and other upcoming events

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By Harper Lee

It’s the last week of the first quarter and, fifteen months after the collapse of FTX, the last week of Sam Bankman-Fried’s criminal trial: Bankman-Fried is expected to be sentenced by Judge Lewis Kaplan, who has presided over his trial since beginning, this Thursday, March 28.

Bankman-Fried’s conviction is not the only major crypto event coming this week, nor is it the only major event in FTX history. Read on to find out what to expect in crypto next week.

The conviction of the SBF depends on one man

U.S. prosecutors, led by Damian Williams, U.S. Attorney for the Southern District of New York, asked Judge Kaplan to jail Bankman-Fried for 40 to 50 years for his role in orchestrating “probably the largest fraud in recent history.” decade “. Bankman-Fried’s family, supporters and even a prison roommate have, meanwhile, pleaded for clemency, highlighting his struggles so far in prison. Bankman-Fried’s lawyers suggested a much lighter sentence, 63 to 78 months.

Now, Bankman-Fried’s sentencing will fall to Judge Kaplan. Although Bankman-Fried’s lawyers sometimes angered the astute 79-year-old, his questions and suggestions during the trial demonstrated a deep understanding of FTX’s collapse. Kaplan’s treatment of Bankman-Fried, as well as the co-conspirators who testified against him, will undoubtedly set a precedent for similar cases of financial fraud in the future.

The FTX story doesn’t end with Bankman-Fried, however; this week, Unabomber prosecutor Robert Cleary was given the green light to investigate FTX’s law firm Sullivan and Cromwell, which advised the company before and after the bankruptcy.

“S&C may have violated its ethical duties of confidentiality, candor and loyalty by…deceiving Bankman-Fried into giving control of FTX to [new CEO John] Ray (whom S&C chose) by promising that Bankman-Fried would play a significant role in the reorganization – promises that S&C surely knew to be false,” two law professors wrote this week, referring to Sullivan and Cromwell.

Optimism and dYdX Master Token Unlock

Token unlocks news, according to Token unlocks dataThe Optimism layer 2 network is expected to release 24.16 million OP tokens, worth approximately $91.5 million at current prices, on Friday, March 29. Decentralized exchange dYdX will unlock 33.33 million tokens, worth approximately $110 million at current prices, on Sunday, March 29. .31.

Other major releases: On March 27, gaming community company Yield Guild Games will release $16.7 million in tokens and decentralized AI service SingularityNet will release $9.3 million in tokens. On March 30, blockchain gaming platform Echelon Prime will release $37.5 million worth of tokens, while Layer 1 network Sui will release $6 million worth of tokens on the same date.

Where will Do Kwon end up?

Do Kwon, the founder of Terraform Labs and the Luna cryptocurrency, was released from Montenegrin prison this week. It remains unclear whether Do Kwon will be extradited to South Korea or the United States; both jurisdictions remain undecided on where it will end up.

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