Yat Siu, the co-founder and chairman of crypto investor and game developer Animoca Brands Corp., believes that many in the digital asset industry are relieved and welcome the arrest of Sam Bankman-Fried (SBF). Mr Siu explained that SBF’s arrest allowed for the fallen CEO’s separation from the entire sector.

‘The reputational impact for crypto has definitely been affected because Sam was such a prolific figure,’ Mr Siu said on Bloomberg television. ‘But I think today, especially the news of his arrest, many people in our industry are actually cheering it on.’

Sam Bankman-Fried’s Arrest Allows the Industry to Heal

In a follow-up Tweet, Mr Siu explained that the arrest of SBF gave the crypto industry a chance to heal and move on.

He said, ‘The arrest of @SBF_FTX is an important step for our industry to heal, move on & keep BUIDLing blockchain. It’s simply a story of excessive greed & fraud he never truly believed in #crypto #Decentralization and used everyone merely as a means to his end.’

SBF’s Arrest Could Change the Tides in the Crypto Markets

Coincidentally, earlier this week and before news of Sam Bankman-Fried’s arrest in the Bahamas started to make rounds on the internet; Bitcoin had begun showing signs of bullishness, opening the week at $17,200.

When news broke of his arrest on Tuesday and his bail denial on Wednesday, Bitcoin had already set a local high of $18,387, a 7% increment from the beginning of the week.

However, Bitcoin’s pump can also be attributed to November’s US inflation data coming in at 7.1%, which was lower than anticipated. Furthermore, the US Federal Reserve announced a lower interest rate hike for December, 0.50%, fueling optimism that inflation in America is finally being tamed.

Therefore, it remains to be seen whether the sentiment in the Bitcoin and crypto markets has improved since SBF’s arrest. But his detention in the Bahamas could mark a beginning in restoring trust and reducing anxieties in the crypto industry, given the crypto community is ‘cheering’ his arrest.

Related News: 

SBF’s Bahamian Prison Reported for ‘Harsh’ Conditions and ‘Degrading Treatment’

Bahamian Government Officials Allegedly Asked SBF to Mint Millions of Dollars in New Tokens

SEC Charges FTX CEO SBF for Defrauding Investors a Day After His Arrest

FTX's Bahamas Liquidators Seek to Exclude Over $200M Worth of Luxury Properties From Liquidation

What Media Has Sam Bankman-Fried Invested in Other Than The Block? Here Is a List

~By John P. Njui~