Hours after the conviction of Sam Bankman-Fried (SBF) in a fraud case, Sequoia Capital Partner Alfred Lin reacted on X (formerly Twitter), stating that the unanimous verdict of SBF being guilty of fraud is something they already knew. Lin emphasized that SBF had misled and deceived many people, including customers, employees, business partners, and investors like Sequoia. He further mentioned that Sequoia Capital had reviewed its due diligence process and evaluated its working relationship with SBF after the collapse of FTX.
Alfred Lin expressed relief now that the trial is over and stated that they had been intentionally misled and deceived by lies. He also admitted that they remained silent during the establishment of the case and trial by the prosecution over the past year. Lin’s investment of $225 million in FTX turned out to be a failure, making him one of the victims of SBF’s fraud.
After months of trials and legal procedures, Sam Bankman-Fried was found guilty on all 7 criminal counts he faced. This unanimous verdict marks the endgame of one of the biggest frauds in US history. The FTX collapse in November 2022 resulted in significant losses for individual investors. Alfred Lin was among those who suffered losses due to his failed investment in FTX.
The sentencing for SBF is expected to take place on March 28, 2024, and he may face additional charges related to bribery and campaign finance violations. It is important to conduct thorough market research before investing in cryptocurrencies as they can be volatile. CoinGape writers contributed to this article, but please note that the opinions expressed are subject to market conditions and the author or publication does not hold any responsibility for personal financial losses.
Hot Take: Sequoia Capital Partner Reacts to Sam Bankman-Fried’s Conviction
Sequoia Capital partner Alfred Lin expressed his reaction to Sam Bankman-Fried’s conviction in a fraud case. Lin stated that they were already aware of SBF’s guilt and emphasized that SBF had misled and deceived many people, including Sequoia Capital. After the collapse of FTX, Sequoia Capital reviewed its due diligence process and evaluated its relationship with SBF. Lin admitted that they had been intentionally misled and deceived by lies. With the trial now over, Lin expressed relief but acknowledged the losses incurred due to their failed investment in FTX. Sam Bankman-Fried has been found guilty on all 7 criminal counts and may face additional charges in the future.
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