Former FTX CEO Sentenced to 25 Years, Logan Paul Defends CryptoZoo, Ethereum's 'BlobScriptions' Spiking Fees
Summary:
Former FTX CEO Sam Bankman-Fried has been convicted on seven felony charges and sentenced to 25 years imprisonment by a U.S. federal court. In other news, YouTuber Logan Paul defends his controversial CryptoZoo NFT project in a new documentary, insisting it was not a scam. Lastly, Ethereum's “BlobScriptions” strategy is gaining popularity and causing fees for storing data temporarily on the blockchain to skyrocket.
Former head of FTX, Sam Bankman-Fried, has been slapped with a quarter-century imprisonment sentence. Controversial YouTube star, Logan Paul, defends his CryptoZoo NFTs in a recent interview, arguing that his intent was not fraudulent. Ethereum's "BlobScriptions" have seen a significant surge, similar to the increase in fees.
The previous CEO of FTX, also known as SBF, Sam Bankman-Fried, has been given a 25-year incarceration term by a U.S. federal court. In the wake of a conviction on seven felony charges, Judge Lewis Kaplan directed that SBF serve 240 months, plus 60 additional months. It was also ruled that he was culpable for tampering, reflecting the incidents that led to Judge Kaplan revoking his bail in August 2023.
Proclaiming the verdict, Judge Kaplan emphasized that the penalty should correspond with the severity of the wrongdoing. He further derided SBF's court performance, describing it as evasive and untruthful. He dismissed the defense's argument about the loss, indicating that the declaration that all clients and creditors will be fully compensated is deceptive.
Following the plea deals of former FTX and Alameda executives Gary Wang, Caroline Ellison, Nishad Singh, and Ryan Salame, this sentencing of Bankman-Fried was announced.
In a recent documentary, YouTube personality Logan Paul defended his notorious CryptoZoo project, stressing it was not designed to defraud investors. During his interview with journalist Graham Bensinger for the film, "5 Months with Logan Paul," he claimed his own financial loss in the venture, denying profiteering from it.
He also implied his intention to deal with individuals who portrayed CryptoZoo as a scam initiated by him.
Increasing fees have occurred in line with the rising popularity of Ethereum's "BlobScriptions," a new technique for imprinting data on Ethereum. Following the Dencun upgrade on March 13, this method has proven instrumental in temporarily containing transactional data, thereby relieving the blockchain's load.
However, post the application of BlobScriptions, blob gas fees significantly hiked, although they've since reduced slightly. Being similar to Bitcoin Ordinals, BlobScriptions allows the engraving of random data, which resides on Ethereum nodes for approximately 18 days before removal. Yet, the data remains permanently archived on Ethscriptions' indexer.
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Further reporting was provided by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
3/28/2024 8:22:53 PM
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