FTX fraud leads to legal action against venture capital firms

Attorneys for Ryan Salame, a former top executive of the bankrupt crypto exchange FTX, are seeking a sentence of no more than 18 months in prison. They assert that their client had no involvement in the fraudulent activities orchestrated by former CEO Sam Bankman-Fried.

Venture capital firm Founders Fund, co-founded by Peter Thiel, has invested in the cryptocurrency prediction market platform Polymarket, which allows users to place bets on various events, including U.S. presidential elections. The project has raised a total of $70 million, with even Vitalik Buterin joining in as one of the investors.

Data from Deribit shows a significant concentration of ETH call options (as of this writing) around a strike price of $6,500 for June.