Topic: FTX CEO Sam Bankman Fried found guilty (Read 512 times)

The law always has loopholes and that's why criminals still operate in all fields despite the heavy penalties for previous offenders . So I think scammers in the market will also find newer ways to scam others, so we should absolutely never trust anyone in this market. Always be vigilant and trust only yourself and no one else, including law enforcement agencies. They won't scam us but they can also confiscate our bitcoins for no reason.

110 years in prison would be a very harsh punishment, but of course FTX CEO Sam Bankman Fried deserves such a punishment because he caused great harm to millions of users who lost their money in FTX because of his greed and desire for a luxurious life at a young age.

He will now pay the price for his disdain for people's money and his perversion of the law, although I believe that his parents, who have great influence in the United States, will try to keep him out of prison, or at least will do everything in their power to ensure that he has a comfortable stay in prison.

@Rikafip. It appears that @stompix has not understood what type of different settings are being argued in this forum. He is very annoyed at me for speculating what possbilities might occur that would give the viewers much action, drama, comedy, romance and the shocking plot twists hehehehe.

@stompix. We know Sam will go to prison and we accept this. We are only discussing different settings in the storyboard like this is a movie hehe.

The damage he cause was the biggest ever by a cryptocurrency exchange. He mishandled customers funds using it to buy luxury and expensive houses, cars and plane. What had had done was inappropriate and he needed to face the law no matter the excuses whether he is going to plead guilty or not. The people that are victims of bankruptcy are still facing a biggger challenge because there is no way they can get there fulll funds back. They would have to wait for when the court will decided what to do about thee case. He had pay everyone that was a victim there money back.

Finally, due time for his comeuppance. It's been 2 years since he's found liable of all these crimes and it took 2 years for the justice system to finally realize that he's at fault despite the damning evidences, kind of makes me sad about how things are going for the regular people who get indicted too, especially the marginalized ones who almost always would get swift judgement, sometimes even harsher punishments than what you would think is intended for them.

Anywho, enough going off on a tangent. I sure hope this becomes a lesson not just for CEXs out there, but for anyone who dares to fuck with the crypto industry just cause they think they won't get caught or something.

From spending only 6 months in home arrest and then enjoying all his life billions as you were saying  to him getting whacked in a prison cell, and all this being the same, that's pretty much moving the goalposts.
Why can't you simply accept that not everything needs to be some goddamn conspiracy?

It is what it is and things like this have happened for centuries, there were scammers who were even granted royal decrees and orders, and things like this will keep happening without any reptilian masterminds behind them, it's just because there are some con artists that are pretty good at what they are doing.


Yeah yeah! The same thing over and over, the ones dealing with billions, controlling the world, controlling the banks, the global economy, are so stupid to use the stupidest guy running a Ponzi scheme exchange to launder their money in with it! All those guys in such high places doing billions in money laundering were not able to tell something was wrong and they left some guy doing drugs with 20 hommies running their business?

Seriously, how high do you have to be to believe this crap even for a second?

Everytime I read about SBF I feel a sense of relief and vindication because of what transpired between me and a friend many years ago when we talked about him. He was celebrated by all and soundry and drew attention as the crypto billionaire whose aim was to get rich so as to give it all away. I remember telling this friend that this isn't going to happen. I could smell SBF bullshit already.


That friend tried to convince me with his points here and there that Sam is a very reputable crypto person. I didn't even bulge. And when the news of his company going bankrupt broke out, I knew his bubble was about to burst. And now, I couldn't be happier. My friends hides his head in shame for his stance on SBF.

Anyways his parents and executives should also get jail time too.

Bitter victory or not, this doesn't return the money to their victims. I wasn't expecting something different; it would be an enormous scandal if he wasn't found guilty. I don't believe he had any valid reasons to alleviate his punishment. At least he's going to prison for the rest of his life. I'm hoping that one day the exchange's victims are compensated, at least with some of the lost money, but I'm doubting that this day is going to come any time soon.

There's still the possibility of appealing the case so there's a possibility that the Sam Bankman Fried would still be able to lower the sentence and I don't believe that this man is ever to face a really long jail time, it's a financial crime and I haven't seen a lot of people that has committed such act get a crazy amount of sentence. To be honest, I would rather have this man try his best and get all the money that he can get to pay back the people that he defrauded with his FTX. What's the significance of the verdict of this case to the development and growth of bitcoin anyway? I feel like this topic should be in the Legal board.

I think that is mostly due ignorance. People have no idea how things work and are not really interested in the case so its easiest to just be pessimistic.


First of all, its simply impossible for him to get only few years in prison due amount of money he stole. Check my previous post in this topic to see how things fucntion over there. 2nd, if "they" wanted him dead, he would already kill him and not wait as he is in detention for some time already.


So far they haven't done either and there's no indication that will happen.

Sentencing SBF for the crime he do might be a warning to any CEO who plans to do scam to the people used their platforms. But do we really think that it can stop them to do the same action? I think not maybe those scammers will find another safe route after their scams happen and they could really do that especially if they accumulate a huge amount of money came from the people. We should never trust anyone in this space even if they are famous or what we called successful man running their businesses its because the same like happenings of FTX could still happen since there's huge market on crypto so provably these criminals will get attracted to get the money of people especially when they see it reach at multimillion level of fundings they have on their platform.

I agree with you that there is nothing that can be trusted in the market, because it is a battlefield for everyone, this must be a concern and warning both for developers, investors, and users.
As far as I know the punishment handed down to SBF is around 100 know more, which can be said to be punished to death, if calculated from the average age of humans today.

This will not be possible to do, the question from where FTX can raise funds when no one trusts them again?, Just like MT.gox, who still collects funds to pay compensation to their customers, and as we know that They always ask for additional time, the latest news they just ask for additional time until October 2024. Things that will be difficult to pursue if investors, creditors or customers are asking for compensation with Bitcoin, while bitcoin is getting more and more expensive, it will definitely be very It's hard for them to pay.

SBF's sentencing is a warning to those with fraudulent intentions like him, but also a warning bell to us that the market is full of scammers and should never be trusted by anyone in this market. The marketplace is a battlefield, there is no one good and trustworthy enough for us to entrust our assets to, including famous people and reputable companies.

Regarding compensation to investors, I think it will take a lot of time for the victims to receive it back. What I'm thinking about is Mt.gox, I'm not optimistic about Mt.gox and I also don't expect FTX to be like Mt.gox.

That's pretty good news. I just hope he gets sentenced to life in prison. And hopefully, this will also be a warning to people like him who have the ability to do what SBF did. But I hope that no one will fall victim to the many investors.

The only thing we don't know is if the money that he took from the people who trusted him to put money into FTX will be returned, but it seems unclear that it will be returned. This is the justice that they took back from SBF, as far as I can see.

Yeah true Gensler needs to go. Dude is an enemy to Bitcoin and the whole industry. He seems to have some personal vendetta against it. Luckily Congress and the courts are both starting to get fed up with Gensler's attacks on the industry, which is the only reason we miiiiight get an ETF during the next 3 years before he is out of his job. Courts just need to keep knocking down his attacks on the industry, and hopefully over the next couple years Congress will get their act together and actually make some sort of common sense and consistent legislation for the industry so that Gensler doesn't just have free reign to attack the industry how he sees fit.

You're asking why politicians aren't facing the law too for accepting political donations? Because its not against the law to accept political donations. Those donations were made a while back obviously, so I'm pretty sure that money has been spent. Politicians didn't do anything illegal by accepting donations. I know some politicians already sent back the money they received from FTX. I doubt there is a law that says politicians have to give money back if it comes from a company that went bankrupt / did illegal stuff. Anyway SBF is broke and going to jail so he doesn't have any sway over politicians.

That's great. Dude is probably gonna spend the rest of his life in jail. He purposefully did real shady and criminal and risky stuff with millions of people's money and knew exactly what he was doing and just thought he could handle the risk and get away with it. There was no reason whatsoever for him to take those risks other than pure greed. Treated other people's money like it was his own to risk. I'm surprised by how many years he could potentially get, I thought he might get like 20 years, but given the 115 year possible sentence it sounds like he'll at earliest get out when he is an old man.

I honestly don't believe that such day will come where Sam will really get to face this punishment that he deserved, those who are trying to safe him from this hellish fate have all failed him and I think this judgment fits in what he has done to other people, this brings hope back in me, that justice is still alive.

This will serve as a warning to other upcoming centralized exchanges and projects, this is why a part of me wants SEC to be here forever, but not with Gensler as the chairman, they need to replace him with someone who knows the Blockchain and also understand the crypto projects they plan to protect very well, the issue I have with Gensler is his blindness about what and which project is true security and which isn't, this man has no clue.

But one thing stills worry me about Sam's case, it is proven that political parties are involved too, they benefit from the FTX funds so why aren't those facing the law too? If they aren't they it's probably because of the mess this will create, some secrets will no longer be a secret to the world, so I believe Sam might not be entirely screwed as we all think.

Agreed. We can only react after new information is given and reported to the community very much similar to when a speculation that FTX was going to bite the dust. In the beginning, only very few expected that it would really bite the dust. However, after new information came out, it became clearer. It is very much a similar reaction in this thread.

https://bitcointalksearch.org/topic/--5419386

Also, I am one of those who speculate that Sam might get only a few years in prison or end in suicide like Jeffery Epstein. However, is this moving the goal post? No, it is only a speculation that Sam might have too much information on the Democrats' moneylaundering apparatus. The Democrats might have to help him or kill him.

The 7 count charges are just the first set, I believe the Feds will still press more charges. In the history of the blockchain technology, SBF has struck folks who trusted in his FTX space more than any other has struck them, it will not be ideal for him to walk away and I also believe loads of suits will be awaiting him after this judgement is passed.

Well, it seems like his funding towards the politicians, and all of the things that he'd done in the past isn't enough to help him with this case.
Anyway just by looking at how many years he will be in jail, I just wish him good luck in his whole life in general.

I guess justice has been served for those who lost lots of money in FTX... or not because their money didn't get refunded. Now other exchanges who are doing fraudulent things will have to think twice now if they will continue what they are doing now because they've already done it with SBF, and they will do it to them as well if caught.

This might be my darkest prediction this year, but I will not be surprised if SBF will take his own life just because of how many years he will be in prison.

The damage affected the customers' who lost their funds after the exchange collapsed, the cryptocurrency market felt the effect for a very short time and it all went back to normal again, so it is a lesson to people who store their funds in centralized exchanges, you would lose your money and the market would only take a hit temporarily.

Sbf stood little to no chance of not going to jail, so i am not surprised, and this is not going to stop other shady centralized exchanges from operating in the way they do, they would surely learn something from sbf's failure, but they would not stop doing shady stuffs to make more money as they have been doing.

This is certainly a high-profile case, mainly because of the large number of affected customers and the substantial amount of embezzled money. However, it is not exactly unique, and it can hardly be called a precedent. Stuff like this has happened before and will probably happen again.  It is not that new or unique really.

It is a bitter victory, because in reality the damage was enormous, the cryptographic niche suffered a severe blow with this case. I don't think this is an end to this type of scams and/or crooks, but at least it is setting a good precedent, guilty.

Sometimes I wonder what's with all the masochists here who really want everything to turn for the worse.
The economy is going to crash, no way out of this, and we're doomed!
Nobody is going to ever get convicted for this, there is no justice!
Nothing is going to change, the system is malfunctioning, and we're doomed!
I seriously wonder how guys who see this everything this black can go on with their lives!

As for SBF case, it's the same as Madoff, everyone was saying nothing was going to happen, they would not arrest him, that they would not convict him, then they would not send him to jail, then he would get out in a few months, and then he died in prison! This goalpost moving is nauseating!



Lately, all over Europe they are targeting guys who resell stuff bought from China with no papers and of course, stolen stuff the papers are full of cases.
It's so damn easy I'm amazed they think they can get away with it, you just have to filter the accounts that have done a bank transaction to more than 10 other personal accounts a month and you have basically flushed everyone! Same with sending packages, how often does the average Joe send a package?

I had a chat with a few college friends about this and what a surprise out of a dozen guys only two or three remembered the last time they did a wire transfer so some relative or a stranger, somebody who does 10 transactions a day over LocalBitcoins or Bisq or anything else using a bank will glow like a lighthouse in the bank logs.

In my area the court only finds the poor quilty while the wealthy can just bribe their way out of any crime they commit. Judges are so corrupt that they sell court judgement to the highest bidders. I am happy that he was found quilty of the seven count criminal charges and he might face up to a maximum jail term of 110years. Other top executives connected to Sam Bankman-Fried such as Caroline Ellison the former Alameda CEO, Gary Wang, co-founder of FTX  and Nishad Singh the failed exchange ex-engineering head who all pleaded quilty so as to get more lenient sentences will also know their fate next year.


Yes his crime is none violence but it has destroyed many lives. Some persons used thier pension funds or even thier life savings to invest in FTX and many of them might be suffering from health issues or some might have even committed suicide due to his financial recklessness. He would have gotten a death sentence in some countries.


It is also important to deter others from engaging in criminal activities. If criminals are given the option of just paying back what they stole, many people will engage willfully in crime. Many people are scared going to prison that is why they are avoiding crime. I also wonder how SBF will be able to generate funds to pay his debtors. He might not be able to raise money from any business because he has lost him reputation.

Yep, this is definitely a big failure for other CEXs in this market because of the violations that FTX, and the managers behind, want to manipulate and make profits for their pockets. Although I am not someone who hates SBF, his wrongdoings also need to be paid through the legal system.

I accidentally read some shares on X, many people said that about the penalty range applied to this case, some people mentioned the death penalty. I don't really understand this issue, but it reminds me of some comparisons about criminals with some people who break the law with drug trafficking, or money laundering,... and they have applicable death penalty ranges. And if SBF is in some countries with different penalties, in terms of crime scale and amount of money, then I think that could happen to SBF.

the thing is now that he was been found guilty of running a service fraudulently. this can escalate into finding other people in the future linked to the fraud. such as those promoting it and those personally gaining from it.
one thing would be his parents being civilly sued by the bankruptcy administration. where by now he is guilty their lawsuit against his parents become 100million x easier

It's good to see that courts work alright in some countries, and people get charged with financial crimes when they're guilty. This guy caused a lot of pain to a lot of people, so it's important to punish fraud to ensure that others understand the risks. That being said, he's basically facing a life sentence, and I've said it before that I don't think people who aren't guilty of violent crimes should have huge prison sentences. What's important is to return money to the victims, and a guy like SBF could be more useful generating wealth than being kept on taxpayers' money for decades while rotting in prison.

Sam Bankman has set an example for anyone having intentions of scamming using exchanges and what not to know what awaits them, sad for Sam but good precedent to protect crypto users.

When it comes to the USA, we all know that very few companies can survive their regulations which is why many companies avoid this market!!

As of the dodgy CEOs  , if not operating in the USA I honestly don't see them being prosecuted for their wrong doing as the jurisdictions they operate in have porous regulations AFAIK!

1) Because lawyers have to lawyer.
2) Appeals / negotiations and things like that
3) The wheels of justice move slowly.

All in all, we will probably get a large amount of time but it's going to be in federal country club prison, not pound you in the ass prison.
https://www.youtube.com/watch?v=Z2-1wcJYrWA

Also, he will probably be there for the full time, unless he can turn over evidence of other peoples crimes. Don't know what he has in terms of that but with all the money he moved there were probably some things that he tucked away in his pocket just in case.

-Dave

It seemed to me that this is called justice.

Well, that's not entirely true. There are many cases in history where many people managed to avoid a “bad result in the end”.

That is why the justice system could not ignore this high-profile case.

Have you been a user of FTX? One gets the impression that almost everyone wishes Sam Bankman-Fried a cruel and long-term punishment, even if they are not direct victims of his activities.

In fact, indirectly, all cryptomarket participants are victims, because the FTX collapse negatively affected the entire cryptoindustry as a whole.

This will be justice to the people who were victims to his fraud and have been following up the case since to see how it will end. He was highly connected as we hear but the connections were not enough for him not to be found guilty. This proves that the justice system in some countries still work, unlike in some other countries where people can get away with this so far they are highly connected and Powerful. Sam Bankman Fried will likely face a very long sentence.

Sam Bankman Fried was no longer CEO of FTX when FTX filed for bankruptcy, so I don't think compensation to users and his going to jail would have any connection. FTX is being managed by a completely new leadership team and whether they will compensate former users is still a question. There has been a lot of news about FTX wanting to restart its business and to be able to do that, they need to compensate the victims. Otherwise, their plans will never come true. But the compensation amount is very large and it is unknown where they will mobilize from to compensate investors.

Sam Bankman-Fried deserves it. I was relieved when I heard this news the first time over Twitter. I was afraid Sam Bankman-Fried, thanks to his connections and donations in the past, could get away from justice. It seemed to me that justice was too lenient on him. He seemed to be given special treatment. But then this came out. I hope he will serve his time in jail.

And let this be a strong reminder to anybody who is running a centralized crypto platform not to mess with people's money. They're merely custodians. That their clients made deposits to their platforms doesn't mean they have absolute freedom over their money.

The saga of FTX and SBF has partially ended with this verdict which is for me quite expected considering what transpired with his own platform and the many bad things he made abusing the trust people bestowed to him as the head of the said crypto-based business. There are a lot of big lessons here and let's hope that the message is clear: Doing business in crypto and with crypto is not a license to be a fool and abuse the power to the detriment of many.

Nothing will happen. By the way, SBF is FTX former CEO, not the current one. 


Why would fact that SBF got found guilty affect them in any way? As far as I know, debtors are supposed to get part of their money out soemtimes in the first half of 2024 and there are even talks about relaunching the exchange.

not all CEX's are regulated. some operate without MSB licences..
also as you hint at. most of the jurisdictions are not about the crypto part. but the ability of the service to accept a countries native fiat for deposit/withdrawal.. so a CEX accepting USD would need to be licenced with a US regulator and follow US rules for that services relationship with their US customers

this is why some CEX operate in countries outside of certain jurisdictions and then use a secondary service to take the deposits and then have relations with customers on the third service(outside of jurisdiction) for the main exchange/market, to evade regulation

EG FTX used a US sister company(ftx.us) for deposits/withdrawals, FTX.com was panama, alemeda was japan. so alemeda had alot less(none) US oversight

governments are right now strengthening laws where if a business is custodianising US fiat. even in the form of a crypto pegged USD stablecoin or virtual currency emulating USD, they too would be classed as a US money service business even if they operate outside of the US.

Centralized exchanges are already regulated by the government, though every jurisdiction regulates crypto differently, some are very strict, while others may be a little bit lenient with their laws, this is why sometimes centralized exchanges stop offering their services to certain jurisdictions when they cannot cope with their laws.

Take note that government regulation of centralized exchanges does not mean that many of them would stop being fraudulent. They would surely comply with AML and CFT laws, but it won't stop them from using your money in fractional reserve scam, and even proof of reserves cannot prove that an exchange is solvent, so don't store your funds in an exchange and don't think that such regulations would mean BTC is controlled by the government.

scam banker fraud has not been managing the company for a year.. it has been in the hands of bankruptcy administration.. there are funds located and it will be distributed.. but if the MTGox bankruptcy is anything to go by.. not any time soon, give it a few years

here in the UK they already targeted defi- p2p traders.. it was during the Localbitcoin.com era. where as you say when people were doing random wire transfers to people for certain amounts too often the banks would freeze accounts because the banks deemed people were operating a business but using a personal bank account not a business account. people needed to register as a business and get a money service business to begin operation again..which then required them to keep records and KYC their peers.. DE-FI platforms are not immune (unless they are trading stable coin for btc, to avoid bank monitoring) for those that want to trade real fiat wire transfers for btc

With FTX Ceo Sam Bankman Fried found guilty, I'm curious what will happen to the customers who lost their money deposited in the exchange.
Even though I can see a lot of people already undergo to the process where in somehow they will get back their deposited cryptocurrency in the exchanges, I am worried how it will affect them with Sam Bankman Fried found guilty?

Finally something good happened. I was sick and tired of seeing criminals getting away without getting punished just because they are billionaires. This one should send a message. Nobody is untouchable. Samwell Fried Chicken had many “friends” in the senate and yet he is going to jail anyway. Money can still buy some legal protection (sadly) but it won’t make you completely invincible. (Gladly) I hope there isn’t a hidden deal between this fuck and the gov so he will serve his time in the can like a real criminal. The gov should seize his assets and distribute it to the victims btw. Without it, there won’t be complete justice.

Because they obviously want to decide a proper sentence which is appropriate for the crime commited.


Lol you serious? People who steal few millions get that kind of sentence while our boy SBF embezzled billions, and was found guilty on seven charges (some of them very serious)  so I think that you are going to end up very surprised. My guesstimate is few decades.


Well, some of us were trying to be reasonable amidst all those conspiracy theorists. The moment his ex -gf got a deal and ratted him out, it was pretty obvious how this will end up.


As you can see, now they move goalpost to SBF getting only few years in prison.

---

For those who want to read how the sentencing works.

Source: https://twitter.com/katie_haun/status/1720267164278780141

So who will continue the rest of the jail terms when he was unable to finished it, considering his present age and the number of years left for him as additional years to live on earth, the truth is that we should not just allow these people set our mind on fire with the use of their exchages, we should take other's people experience and learn from them, no matter how depth is the punishment on him, all lost assets cannot be recovered completely and back to the owners, not your keys, not your coins.

Is that true? I have never read anything that says what you have said. No one was talking about the case except a few people. Also, I reckon none of the people in the forum has really followed the case very closely as @Rikafip, @JuanJayGee and the other people in [Updated] FTX thread.

https://bitcointalksearch.org/topic/--5419710

Yeah i remember that article that came out last year. We read it and dismissed it but for assurance we wanted SBF to tweet it’s nonsense. And all of a sudden his tweets stopped. Usually he tweeted like crazy but after that article he went silent for a day or two.

Then he tweeted it was nonsense and it started to deteriorate a few days later. Took less than a week if I recall for the exchange to collapse. Good that he was found guilty.

Exactly! If you still believe in centralised exchanges. And storing your holdings in the CEX so this will be a high risk for you. If FTX can go so Bitget ByBit HTX Binance and any CEX can collapse anytime.
If they sentences 110 years prison life so I think this is good decision not even 110 he should be punished 500 years. By the way 110 years also enough for him. Because now the Everage living life is almost 40 to 50 years.

That's a great news and it surely helps to build trust in Crypto once again for those who got scammed by this guy as it provides them justice however, I am sure he and his lawyers will do something to get him out in the coming years. He can't be in jail for his whole life, that's for sure as he belongs to an influential family with so many links around the world. If that's not the case, it will surely be a huge victory for Law in this planet.

I thought he will not be able to get out of all 7 guilty charges but still surprised that he got all of those guilty charges. I knew he is not innocent and even with like 115 years in jail, it won't help many people to get money back.

I don't know how many people, families were destroyed by his scam from money stuck, lost on FTX exchange or from the crash of $FTT token. Lot of bloody painful losses from many people because of FTX fiaso by SBF scam efforts. Many of those people even did not have a few months to enjoy their life with lucrative things like SBF.

Some will learn from it but some will not.

Centralized exchanges are very scam and scammers never change.
Exchange graveyard.

Finally the justice has done their role and now that Sam Bankman Fried will see that doing wrong with others won't be forgiven and your bad acts will one day take you to a place that you weren't expected. That guy played with the funds of so many people and who knows how many people and their families were totally ruined because of him.

It's not just a lesson for other CEX owners but also a lesson for everyone who does wrong deeds. Your wrong deeds will always result into something that you didn't expected. The justice system isn't dead and anyone who thinks that he/she can dodge the justice system is either a naive or is someone who hasn't tasted the punishment as a result of a wrong deed. I hope that everyone will learn from SBF's wrong motives and they won't play with others like he did.

The funny thing is FTX ditched me for being too... non-compliant. Basically I was living outside of my country and attempting to log in using a VPN, and they didn't like that, told me to withdraw my funds and scram. This was a good six months or so before the shit really hit the fan 

So I dodged a bullet on this one.

As for Sam, yeah an absolute shit person & he deserves every hour he spends in prison.

They really need to look into this courtroom sketch artist as well, what a joke:

Some people in the business world, especially in new areas like cryptocurrency, never cease to amaze me with their arrogance. Bankman-Fried's complete lack of concern for the safety and trust of his platform's users was not only unethical, but also a sign of how cocky he was. He really thought that his deal was unbreakable and that it couldnt fall apart. That being said, pride comes before a fall. Now he has to deal with the very real results of what he did.

The court of public opinion often gives the harshest punishments, even if the law has already made its decision. Fraudulent actions like these have effects that go beyond just losing money. They make investors and users afraid of the system and make people less likely to trust it. Other markets and financial institutions should learn from this: if you do something wrong, it will always have consequences, no matter how big or unbeatable you think you are.

Okay, so he was found guilty. Nice, actually slightly suprised. But let's see how the sentencing will really end.
In the article it says "up to 110 years". Why do they need another 4 months to decide on the actualy time of his sentence?

I'll be suprised if he will stay in jail for more than 5 years, if even. But let's see.
Now, I still want my 2-seasons netflix series about this crypto-soap-opera.

Ehm, technically FTX got every kind of permit, license, approval, whatever you want to call them, and the US were kind of pushing it to become the biggest exchange in the world since of course they don't like Binance. If we look just at that side (without of course considering that SBF ruined the life of thousands of people) is kind of funny how the US got tricked by its own people, they were so focused on accusing Binance, Bitfinex, Tether, etc etc, at the end they were the problem.

And for almost a year all I could hear on this forum was

- he is never going to be found guilty
- he will never be arrested
- he will never be sentenced to anything
- in the US nobody with money goes to jail
- he will spend all his life in luxury without a worry

Not to mention the real tinfoil things like he bribed the democrats, he bought the republican, he's the SEC pet, he is protected by the reptilians, by the Rothschilds, by the 13 inbred families of the Illuminati!

I wonder what the next move of the nay-sayers will be because god forbid we would have an instance where the system works.


If the government would want to enforce this completely p2p would hardly be a solution.
You need a bank transfer to pay that guy or any other centralized solution, now just think, how many normal users send bank transfers to complete strangers around the country by the dozen each day? You just have to target those, then you find the trader get all the transfers he made, and knock at the other guy's door!
P2P when doing the payment over a 3rd party is just an illusion of privacy, you either meet with the guy face-to-face and deal in cash or you simply acknowledge you can't do it completely and by the book.

Didn't they already do that even before FTX went bankrupt? It is inevitable since most people want ease of use over security. I believe it is impossible to completely avoid that in the future. IIRC, they also sued Binance and CZ a few days ago, CMIIW. I guess they believe anyone who doesn't follow their rules is doing shady things behind the scenes.

At the very least, you have the option of going P2P or using a DEX. I doubt you'll be put on a list just because you refuse to use a registered business to liquidate your coins. If that does happen though, I guess we need to improvise with better privacy measures.

Yeah, this is going to be a lesson to some CEX with ill intention, although I thought some months ago there was some news of the same FTX in agreement to repay some of the victims their funds that were lost during the fall of their exchange. I think they didn't repay anyone. This should also serve as a lesson to those that have been keeping their assets on the centralized exchange. I know that there were a majority of crypto investors who lost a huge amount of money during the crash of this exchange, and they will never get back that much money because it's gone.

Do you think that after the collapse of FTX, governments will increase regulation for exchanges? If that happens, fraudulent exchanges will no longer exist, but it will also mean that we will once again be controlled by the government. That's the scenario I'm thinking of.
The collapse of FTX and the imprisonment of SBF, is not a warning to the remaining CEXs, it is a good reason for the government to have the right to intervene in the market and regulate things.

I hope it will, but i am not optimistic on that. If people still store their funds in centralized exchanges after ftx and other exchanges collapsed, then surely centralized exchanges would continue to commit fraud and fractional reserve scam with their customers' money. It is as simple as that, many of these services are run by shady and corrupt people and since they control a lot of gullible people's funds, they would try to use that money to make more for themselves.

That sentence that he's going to serve is good to secure that he's going to make it up to the quarter until the last bitcoin is mined. Sadly, he's not going to meet that because the sentence ain't enough, much better if the judge has added it and made exactly how long he needs that.
This is like justice to the ones that have been victims of his fraudulent activities and the result of swindling people's money. I just hope that he doesn't get special treatment inside.

It is sad new for Sam Bankman and his family but good news for cryptocurrency fraud victims.  SBF story was a fraud in the first place.  I always believe that his story as a kid genius is all made up for the founding of the so-called FTX which later filed a bankruptcy due to the leader's mismanagement of funds. 

It could have been more than 115 years if clients filed a case individually since punishment is made individually and not collectively and I believe the sentences piled up.


I think whether the case is bailable or not depends on the jurisdiction and the severity of the case.  There are also factors that contribute to whether the estate will acknowledge the plea to bail or not and the risk of the person fleeing to another country or there is more risk involved if the person is out of jail.

That's called karma; when you do bad things to others, expect that you will reap a bad result in the end, for sure. With the amount of money involved and the number of people who have been victimized, it is very unfair for the victims to see that the person who was victimized is free to go wherever he wants and the situation is still good, right?

So for me, that's good news; I just don't know if it's bailable or non-bailable. I just hope that no one is bribed with money from people related to that investigation.

yesterday the jury decided. guilty on all 7 charges. with sentencing to be decided next march(28th) 2024

also the feds have another 5 or so other charges it didnt push this year, but may press charges against him before or after next march, to add extra possible time to his sentencing

hope this teaches other dodgy CEX's a large lesson