FTX Founder Samuel Bankman-Fried Arrested/General Crypto Scams Thread

frostbite said:
Both his parents are law professors at Stanford and he has a degree from MIT. How did he manage to mess up so badly?
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He could in theory be a genius. If you become a billionaire that quick and end up on the cover of TIME, I think it will go above most people's heads.This is far more likely to be something akin to Trump's or Musk's power trips rather than him being oblivious to the law. People in his position lack self-awareness.
 
Arruda said:
He could in theory be a genius. If you become a billionaire that quick and end up on the cover of TIME, I think it will go above most people's heads.This is far more likely to be something akin to Trump's or Musk's power trips rather than him being oblivious to the law. People in his position lack self-awareness.
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The more I read about American politicans, the more convinced I am that the USA are one of the more corrupt countries in the world, with no hyperbole.

It's just that most of it is lawful. They basically redefined the term.
 
Is it legit to hope someone gets beaten senseless in jail or do we have a caf protocol against that kind of thing now?
 
Michael Lewis is weirdly pro-SBF in his new book, it makes me skeptical of his motivations for writing it

one of the weirder things mentioned is SBF considered offering Trump $5bn to not run for president

such a fecked up story all around
 
Tarrou said:
Michael Lewis is weirdly pro-SBF in his new book, it makes me skeptical of his motivations for writing it

one of the weirder things mentioned is SBF considered offering Trump $5bn to not run for president

such a fecked up story all around
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His motivation was probably "this guy might make a good book" because he'd been shadowing him and interviewing him weekly for about 6 months before the scam came to light.

A podcast I listen to has one member who's known SBF somewhat since he was a teenager and he said "Michael Lewis takes SBF more at face value than he should".
 
I have been tracking this case. So many dodgy crypto companies. You have this one, the "crypto queen" who just vanished and then the guy that was on a netflix film who said he died, but who probably faked his death and is sitting on some beach drinking pino colladas.
 
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The BBC understands that Dr Frankenstein's monster will appeal this conviction.
 
Sentencing in March, facing over 100 years in prison.

Been dipping in and out of coverage of the trial but mental what companies will try to get away with when regulation is light or non-existent.
 
His girlfriend is definitely one of the looking girls in the world. Power couple with lots of ambition but without a stop loss.

Awww yeah.
 
So I think we can all agree that this POS should rot in jail a long time. What are peoples' thoughts on his helpers? Should there be serious repercussions for people benefiting or contributing to this fraud who must have known or were at least told over and over again what is happening. Should this be more like a mafia trial where the entire organisation is targeted than just the kingpin?
 
Out of curiosity, has there been anyone trying to defend this guy on here? There’s usually at least one person on the caf defending unscrupulous “businessmen”
 
Cloud7 said:
Out of curiosity, has there been anyone trying to defend this guy on here? There’s usually at least one person on the caf defending unscrupulous “businessmen”
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I don't know how anyone could. He was literally saying in his terms of service that client monies are separated from office monies and are available for withdrawal upon request, while using client money for his own investment company's capital.

He was knowingly false accounting to investors by misstating liabilities.

Both are obviously fraudulent in a way that even the most ardent capitalist would balk at.
 
Abizzz said:
So I think we can all agree that this POS should rot in jail a long time. What are peoples' thoughts on his helpers? Should there be serious repercussions for people benefiting or contributing to this fraud who must have known or were at least told over and over again what is happening. Should this be more like a mafia trial where the entire organisation is targeted than just the kingpin?
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Think everyone else has cut deals. It seems like genuinely most people didn't know about the fraud until quite late on. It was mainly SBF and Caroline Ellison. The rest of executives were cut out of the details until the last months before it blew up, if my understanding of the testimony is accurate.

Hard to know the credibility of witnesses though, as it's only reported on and not televised though.
 
Drainy said:
Think everyone else has cut deals. It seems like genuinely most people didn't know about the fraud until quite late on. It was mainly SBF and Caroline Ellison. The rest of executives were cut out of the details until the last months before it blew up, if my understanding of the testimony is accurate.

Hard to know the credibility of witnesses though, as it's only reported on and not televised though.
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I have a terribly hard time believing that anyone can be a meaningful part of a company's leadership and not notice fraud at that scale.

(And I have absolutely no respect for anyone trying to claim it for themselves either. To my eyes it's as silly as saying I didn't know it would be dark outside at night.)
 
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Abizzz said:
I have a terribly hard time believing that anyone can be a meaningful part of a company's leadership and not notice fraud at that scale.

(And I have absolutely no respect for anyone trying to claim it for themselves either. To my eyes it's as silly as saying I didn't know it would be dark outside at night.)
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Yeah, they knew, it's just wishful thinking.
 
Cloud7 said:
Out of curiosity, has there been anyone trying to defend this guy on here? There’s usually at least one person on the caf defending unscrupulous “businessmen”
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Well the company was in trouble a lot earlier than people admitted, but the people that were pointing out this stuff were shouted down, told they didn't know enough about crypto, threadbanned etc, even though they were, you know, on the money.
 
Abizzz said:
I have a terribly hard time believing that anyone can be a meaningful part of a company's leadership and not notice fraud at that scale.

(And I have absolutely no respect for anyone trying to claim it for themselves either. To my eyes it's as silly as saying I didn't know it would be dark outside at night.)
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Think the point is that only the inner circle knew anything serious, and those within the circle only knew part of the story each.
 
Drainy said:
Think the point is that only the inner circle knew anything serious, and those within the circle only knew part of the story each.
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Again, I have a hard time believing that any part of the senior leadership can not know where a huge part of the cash flow is going. To me it's not so much that they weren't necessarily let in on the "story", more that doing the simple math should have thrown up serious questions (like it did for some outside of the company).
 


So apparently a cold wallet just dumped a load of coins into two other wallets. Not sure if that's connected to Mt.Gox
 
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