Crypto Mania

Sam Bankman-Fried claims to have purchased Solana’s SOL at 20 cents using ‘Alameda Profits’ during his trial.

Infamously, Sam Bankman-Fried once proposed to pay $3 for each Solana token he could purchase. During his criminal trial on Friday, he disclosed during his testimony that he had begun purchasing SOL at a considerably lower price, back when it was only 20 cents apiece.

When his attorney questioned him about how he paid for the investments, he responded, “I believe the funds came from Alameda’s operating profits” in addition to outside lenders.

Because of its strong ties to Bankman-Fried, SOL has been referred to as a “Sam Coin”. Before FTX collapsed last November, he and his firms made significant investments in Solana-based projects and assets and promoted the company’s image.

The Solana ecosystem was severely damaged by the exchange’s collapse, and the blockchain community has been working hard to overcome his legacy ever since.

Federal prosecutor Danielle Sassoon “objection-ed” Bankman-Fried’s testimony, which amounted to an attempt by defense attorney Mark Cohen to have his client demonstrate that he exercised “due diligence” on transactions made while operating FTX and Alameda.

As of Friday publication time, SOL was trading at $32.

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