{"id":80160,"date":"2023-11-03T06:39:58","date_gmt":"2023-11-03T10:39:58","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/sam-bankman-frieds-guilty-verdict-welcomed-by-animocas-yat-siu\/"},"modified":"2023-11-03T06:40:02","modified_gmt":"2023-11-03T10:40:02","slug":"sam-bankman-frieds-guilty-verdict-welcomed-by-animocas-yat-siu","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80160","title":{"rendered":"Sam Bankman-Fried\u2019s Guilty Verdict Welcomed By Animoca\u2019s Yat Siu"},"content":{"rendered":"<div>\n<p>Yat Siu, cofounder and executive chairman of Hong Kong-based blockchain investor Animoca Brands, said Sam Bankman-Fried\u2019s conviction for orchestrating a multibillion dollar fraud at his FTX crypto exchange should mark the end of an era of unlawful practices in the industry and help to get the crypto markets onto a more solid foundation.<\/p>\n<p><fbs-ad position=\"top\" progressive=\"\" ad-id=\"article-0-top\"><\/fbs-ad><\/p>\n<p>\u201cOne of the problems that we\u2019ve had, narratively, is that sometimes people thought it wasn\u2019t Sam Bankman-Fried, but it was the crypto industry,\u201d Siu said Friday during an interview on the sidelines of Hong Kong\u2019s Fintech Week. \u201cThis judgment makes it absolutely clear that this was just simply a case of a fraudulent person who did bad things. It\u2019s the end of a chapter, and we can move on, and the industry can also properly heal.\u201d<\/p>\n<p>Bankman-Fried, the founder of FTX, was found guilty a day earlier of stealing billions of dollars from the users of his crypto exchange, in what prosecutors have called one of the biggest financial frauds in American history. The 31-year-old was convicted of seven charges of fraud and conspiracy, which together carry a maximum sentence of 110 years. The verdict came a year after FTX had filed for bankruptcy in a swift corporate meltdown, which saw the majority of Bankman-Fried\u2019s estimated net worth of $26.5 billion evaporate within days.<\/p>\n<p>\u201cSo many bad actors in the past have gotten away. It gave the crypto industry a bad rap,\u201d Siu said. \u201cBut now the industry is showing that bad actors can\u2019t get away.\u201d<\/p>\n<p>Animoca Brands on Monday announced that it had raised $50 million from Neom Investment Fund, which is tied to Neom, the controversial urban megaproject launched by Saudi Arabia\u2019s Crown Prince Mohammed bin Salman. Half of the funds will come from issuing convertible notes and the rest will be via a share sale on the secondary market (Animoca Brands\u2019 stock trades on PrimaryMarkets, an Australian private secondary share trading platform). Animoca Brands\u2019 latest fundraising round valued the company at $5.5 billion, Siu said, down from $5.9 billion in September last year, when the company secured $110 million from investors including Temasek.<\/p>\n<p>The financing comes after a recovery in the prices of bitcoin and other cryptocurrencies, which have staged a strong rebound from last year\u2019s crash. Bitcoin, the largest cryptocurrency by market cap, has seen its price double since last November, when the FTX meltdown unfolded, according to tracker Coingecko. The rally was sparked in part by speculation that the U.S. regulators may soon approve exchange-traded bitcoin funds.<\/p>\n<p>Despite the recent rebound of bitcoin, the crypto industry is still down more than 55% from its peak in November 2021. But Siu said there are still plenty of reasons for optimism about the future of the industry. \u201cI think mainstream adoption is coming in the next 12 to 18 months. It\u2019ll be coming from gaming, it\u2019ll be coming from education,\u201d he said. \u201cIf you actually go into Web3, and you visit it properly, and you try out the services, and you see what it\u2019s about, you go into this rabbit hole, you come out convinced, you don\u2019t come out saying it\u2019s \u2018bullshit.\u2019\u201d<\/p>\n<p><fbs-ad position=\"topx\" progressive=\"\" ad-id=\"article-0-topx-1\"><\/fbs-ad><\/p>\n<p>Founded in 2014, Animoca Brands develops blockchain games and has built a portfolio of more than 400 blockchain-related investments as of October. The company said it has recently expanded its business to offer \u201cWeb3 services,\u201d including game production and advisory on crypto token listings.<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">MORE FROM FORBES<\/h3>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/zinnialee\/2023\/11\/03\/sam-bankman-frieds-guilty-verdict-welcomed-by-animocas-yat-siu\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yat Siu, cofounder and executive chairman of Hong Kong-based blockchain investor Animoca Brands, said Sam Bankman-Fried\u2019s conviction for orchestrating a multibillion dollar fraud at his FTX crypto exchange should mark the end of an era of unlawful practices in the industry and help to get the crypto markets onto a more solid foundation. \u201cOne of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":80161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-80160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sam Bankman-Fried\u2019s Guilty Verdict Welcomed By Animoca\u2019s Yat Siu | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Yat Siu, cofounder and executive chairman of Hong Kong-based blockchain investor Animoca Brands, said Sam Bankman-Fried\u2019s conviction for orchestrating a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=80160\" 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