FTX founder Sam Bankman-Fried is facing problems as the Bitcoin price hits $31,000. The news broke recently that a federal judge denied his yet another motion.
US Judge Lewis Kaplan denied Sam Bankman-Fried's motions to dismiss criminal charges against him. Bankman-Fried insisted on dropping new charges brought against him after his extradition because his legal team believed they were filed in violation of the law. Essentially, Bankman-Fried argued that the extradition process from the Bahamas to the United States was flawed because new charges were laid against him already after the extradition request, alleging additional offenses beyond those specified.
His legal team insisted that the United States exceeded the scope of the initial agreement by bringing forth charges that were not part of the extradition agreement. Judge Kaplan ruled that the charges against Bankman-Fried fell within the permissible scope of the extradition agreement. As a result, he rejected Bankman-Fried's attempt to evade criminal prosecution on several counts, stating that he would have to face the court for the offenses mentioned both during and after the extradition process.
Judge Kaplan deemed that all the new charges should be consolidated with those brought before the extradition, as the intent had been the same – to boost FTX and Alameda expansion as quickly as possible and thereby become richer.
With almost all charges against Bankman-Fried in effect, it would be a rather captivating legal process. It is scheduled for 2024, but the exact date is unknown. Undoubtedly, the lawyers representing FTX's founder, who are being paid millions of dollars, will continue to search for loopholes to protect the client from a lengthy prison sentence. His only salvation would be to repay all of his creditors, but the former CEO of FTX says he does not have the means for that.
Technically, Bitcoin is likely to extend growth only after consolidation at $30,640, with the target at $32,300. The most distant target is seen at around $34,300, where traders may increasingly lock in profits and a Bitcoin pullback may occur. If the instrument feels selling pressure again and a breakout occurs through $29,500, the focus would shift towards protecting the $28,440 level. In case of a breakout below it, quotes may decline to $27,390.
Ethereum buyers are currently focusing on defending the nearest support at $1,840 and breaking through resistance at $1,925. Only after achieving these milestones, quotes may head toward $2,020. A bullish continuation would push Ethereum to the $2,120 range. If ETH feels selling pressure, a breakout through $1,840 would lead to a test of the $1,770 mark. The most distant target is seen at around $1,700.
