Fallen FTX Founder SBF Recommends Solana Investment to Prison Guards: Report

Despite being behind bars, the infamous FTX founder Sam Bankman-Fried (SBF) continues to advocate cryptocurrency investments to people around him. The fallen FTX boss has recently urged prison guards to invest in Solana, the New York Times recently reported, citing an individual familiar with the matter.

SBF Promotes SOL in Prison

Over the past few months, SBF has been detained in the Metropolitan Detection Centre (MDC), a correctional facility regarded as one of the most notorious in the country. Despite this dilemma, the disgraced FTX founder still makes time to promote crypto investment.

“Mr. Bankman-Fried has also shared crypto market tips with the guards, the person said, recommending investments in the digital coin Solana,” the report stated.

SBF will re-enter the U.S. court on March 28th regarding seven criminal offences tied to the FTX downfall. These charges can potentially put the FTX boss behind bars for as long as 115 years in federal prison.

SBF’s Relationship With Solana

SBF’s affiliation with the Solana ecosystem dates back to the blockchain’s early days in 2020. While he led FTX and its sister firm, Alameda Research, Bankman-Fried invested heavily in SOL. For example, Alameda Research once partook in a $314 million fundraise for Solana Labs.

The FTX boss also promoted the Solana cryptocurrency as an asset with high potential via social platforms. These moves were among the driving forces that pushed SOL to its current all-time high of $251 in November 2021. 

Following FTX’s debacle in November 2022, Solana was among the blockchain projects that took the most hit. Several decentralized applications (dApps) building on Solana either exited the blockchain or crashed. SOL, on its part, plunged to as low as $9 in late December 2022. Last year, the blockchain began recovering. Several projects began to rejoin the network. At some point last year, SOL outperformed major cryptos like Bitcoin. Today, SOL has reclaimed a trading price of $111, a 6.3% increase over the past week.

Source: CoinStats