The Infamous Solana Saga: Sam Bankman-Fried’s Buying Spree Revealed

Sam Bankman-Fried Reveals Purchasing Solana's SOL at 20 Cents with 'Alameda Profits' during Trial

Sam Bankman-Fried purchased Solana’s SOL at 20 cents using ‘Alameda Profits,’ as revealed during his trial.

Just when you thought the Solana story couldn’t get any juicier, enter Sam Bankman-Fried, the man who knows how to make a splash. During his recent criminal trial, he dropped a bombshell that left jaws on the floor. It turns out that Sam had actually started buying Solana tokens way, way back, when they were a measly 20 cents apiece. That’s like finding a hidden treasure chest filled with gold coins buried in your backyard, only to discover that it’s actually a vault of rare diamonds. Talk about hitting the jackpot!

But how did Sam fund these lucrative investments, you may wonder? Well, he casually mentioned that he believed the funds came from Alameda’s operating profits, along with a little help from his friends – third-party lenders. You know you’ve made it big when you’ve got lenders lining up at your doorstep, waving wads of cash like fans at a rock concert.

Now here’s where things get interesting. Solana has become so closely associated with Sam Bankman-Fried that some people have started calling it the “Sam Coin.” And why wouldn’t they? The guy and his companies went all in on Solana-based projects and assets, spreading the word like evangelists before FTX’s unfortunate collapse last November. It’s like a celebrity endorsement, only instead of selling an energy drink or luxury car, Sam was peddling a whole blockchain ecosystem.

But alas, every coin has two sides (pun intended). When FTX went belly up, chaos ensued in the Solana kingdom. The community was left scrambling, desperately trying to distance themselves from Sam’s shadow. It’s like playing a game of hide and seek with a giant spotlight shining down on you – not an easy task, my friends.

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During the trial, defense lawyer Mark Cohen tried to prove that Sam had exercised “due diligence” in his investments. He wanted to show that Sam had done his homework, crossed his t’s, dotted his i’s, and all that jazz. But alas, federal prosecutor Danielle Sassoon swiftly objected, shutting down the show like a bouncer at a rowdy party. Guess the judge wasn’t in the mood for a legal tango.

As the trial unfolded, the price of SOL, our beloved “Sam Coin,” was sitting pretty at a cool $32. And who knows what other twists and turns await us in this never-ending soap opera? Whether it’s shocking revelations, courtroom drama, or a surprise ending, one thing’s for sure – the cryptocurrency world always keeps us on our toes.

Now, dear reader, buckle up and join us on this thrilling rollercoaster ride. You never know what surprises lie ahead. Will Sam emerge as the hero or the villain? Is Solana destined for greatness or a tragic fall from grace? Stay tuned and let’s find out together!

Read all of CoinDesk’s SBF trial coverage here.

Edited by Nick Baker.

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