The most notorious person in crypto woke up behind bars today, after a judge revoked his bail agreement on Friday. The court found “there is probable cause to believe that the defendant has committed the federal crime of attempted witness tampering,” and “there is no condition or combination of conditions of release that will assure that the defendant will not pose a danger to other persons or the safety of the community.”
Before FTX founder and crypto wünderkind Sam Bankman-Fried’s empire came crashing down, it seemed as if he could do anything. And while Bankman-Fried was alllowed out on bail, under house arrest at his parent’s home on the Stanford Campus, it seemed as if he could do anything.
The crypto world was awash in schadenfreude, then, when a judge revoked Bankman-Fried’s bail agreement yesterday and sent the disgraced entrepreneur directly to jail. No more image-crafting media interviews, no more attempts to contact former colleagues, no more alleged evidence leaks and witness tampering… no more shenanigans of any kind—even schemes people only assumed were his doing.
It looks like these are indeed the dog days of summer. Shiba Inu (SHIB) blew up 17.8% this week—to trade at $0.00001108. Not exactly Bitcoin territory, but not bad for a meme coin inspired by a meme coin.
Turns out that when the project announced that it wanted to be taken more seriously, people started taking it more seriously. Shiba Inu sustained the momentum it harnessed last week following the announcement that it would pivot to support a new identity protocol for all apps on the ecosystem.
🗞️ Read Around the Web
Stories we recommend from outside Decrypt this week.
– Sex Workers Took Refuge in Crypto. Now It’s Failing Them (Wired)
– The Feds Are Now Using Crypto to Catch Drug Traffickers (Futurism)
– Generative AI Has Become an Emerging Risk for Enterprises (Gartner)
Solana Foundation’s General Manager of Games Johnny Lee tells Decrypt’s Jason Nelson about Solana’s PlayGG conference and shares his take on crypto gaming and the “play-to-earn” concept.
