This shows how much people value the information they have and ensure that the people doing the right thing get the best thing. Without his cooperation, I think it wouldn't be as effective with the legal actions that SBF received. At least we know the truth, but I hope all the customers get everything back.
The FTX case is getting pretty boring to a lot of people. The U.S. justice system says whoever turns in all the partners first will be a witness. The damage to investors is more than 10 billion dollars and one man who had a problem with medical drugs is in jail. It's a circus, not justice. 
Topic: Implications of the FTX and Alameda Situation for Cryptocurrency and Regulation (Read 771 times)
November 09, 2024, 04:29:16 AM
November 03, 2024, 12:35:18 PM
~snip
This shows how much people value the information they have and ensure that the people doing the right thing get the best thing. Without his cooperation, I think it wouldn't be as effective with the legal actions that SBF received. At least we know the truth, but I hope all the customers get everything back. 
November 03, 2024, 12:27:21 PM
Former FTX exec Nishad Singh avoids prison time after cooperating with authorities in crypto exchange collapse: reports
Nishad Singh, FTX's former engineering director was given no prison time after pleading guilty to criminal charges, including fraud following the collapse of the crypto exchange, according to multiple reports.
Judge Lewis Kaplan of New York sentenced Singh to time served and three years of supervised release, according to reporting from Inner City Press.
Singh's lawyers previously asked for the New York court to not impose jail time and said his "role was far more limited than any other defendant." Singh pleaded guilty in February 2023 to six criminal charges, including fraud and conspiracy to commit money laundering.
FTX collapsed in November 2022 after filing for bankruptcy following a liquidity crisis and fraud allegations. Alameda Research, a trading firm with close ties to FTX, also fell.
Former FTX CEO Sam Bankman-Fried was sentenced to nearly 25 years in prison on March 28 and ordered to pay back up to $11 billion in investor and lender losses. He was found guilty in November 2023 of seven criminal counts, including two counts each of wire fraud and conspiracy to commit wire fraud, as well as several counts of conspiracy to commit securities and commodities fraud, among other criminal acts.
Singh cooperated with authorities in testifying against his former boss, Bankman-Fried, in October 2023.
Nishad Singh, FTX's former engineering director was given no prison time after pleading guilty to criminal charges, including fraud following the collapse of the crypto exchange, according to multiple reports.
Judge Lewis Kaplan of New York sentenced Singh to time served and three years of supervised release, according to reporting from Inner City Press.
Singh's lawyers previously asked for the New York court to not impose jail time and said his "role was far more limited than any other defendant." Singh pleaded guilty in February 2023 to six criminal charges, including fraud and conspiracy to commit money laundering.
FTX collapsed in November 2022 after filing for bankruptcy following a liquidity crisis and fraud allegations. Alameda Research, a trading firm with close ties to FTX, also fell.
Former FTX CEO Sam Bankman-Fried was sentenced to nearly 25 years in prison on March 28 and ordered to pay back up to $11 billion in investor and lender losses. He was found guilty in November 2023 of seven criminal counts, including two counts each of wire fraud and conspiracy to commit wire fraud, as well as several counts of conspiracy to commit securities and commodities fraud, among other criminal acts.
Singh cooperated with authorities in testifying against his former boss, Bankman-Fried, in October 2023.
September 25, 2024, 03:59:34 AM
https://www.crypto-news-flash.com/ftx-to-redistribute-16b-to-creditors-in-q4-2024-crypto-market-awaits-liquidity-surge/
FTX to Redistribute $16B to Creditors in Q4 2024—Crypto Market Awaits Liquidity Surge
"FTX is set to redistribute $16 billion to creditors in Q4 2024, which could significantly impact the crypto market by introducing a major liquidity influx.
A 50 bps rate cut by the U.S. Federal Reserve and similar moves by other central banks have increased liquidity."
FTX to Redistribute $16B to Creditors in Q4 2024—Crypto Market Awaits Liquidity Surge
"FTX is set to redistribute $16 billion to creditors in Q4 2024, which could significantly impact the crypto market by introducing a major liquidity influx.
A 50 bps rate cut by the U.S. Federal Reserve and similar moves by other central banks have increased liquidity."
July 18, 2024, 09:54:54 AM
https://www.theblock.co/post/305687/ftx-and-cftc-agree-to-12-7-billion-settlement-following-months-of-negotiations
"The two have been negotiating over the past few months, according to a court document filed on July 12 in the U.S. Bankruptcy Court for the District of Delaware.
As part of the settlement, the CFTC agreed it would receive nothing as long as FTX complies with its reorganization plan. Therefore FTX will pay up to $12.7 billion to creditors, subject to available funds."
"The two have been negotiating over the past few months, according to a court document filed on July 12 in the U.S. Bankruptcy Court for the District of Delaware.
As part of the settlement, the CFTC agreed it would receive nothing as long as FTX complies with its reorganization plan. Therefore FTX will pay up to $12.7 billion to creditors, subject to available funds."
May 12, 2024, 03:43:28 AM
https://www.bloomberg.com/news/articles/2024-05-07/ftx-has-billions-more-than-needed-to-repay-bankruptcy-victims
FTX Has Billions More Than Needed to Pay Bankruptcy Victims
"Crypto customers to get interest on what FTX owes them
Bankrupt firm updates plan to divide cash among creditors
Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in US bankruptcy proceedings.
Lower-ranking creditors typically receive just pennies on the dollar for their holdings, but FTX benefitted from a strong rally in cryptocurrencies including Solana, a token heavily backed by convicted fraudster and FTX founder Sam Bankman-Fried. The company has also sold dozens of other assets, including various venture-capital projects like a stake in the artificial-intelligence company Anthropic."
____
Why is SBF in prison?
It was already clear that not everyone would receive a refund.
FTX Has Billions More Than Needed to Pay Bankruptcy Victims
"Crypto customers to get interest on what FTX owes them
Bankrupt firm updates plan to divide cash among creditors
Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in US bankruptcy proceedings.
Lower-ranking creditors typically receive just pennies on the dollar for their holdings, but FTX benefitted from a strong rally in cryptocurrencies including Solana, a token heavily backed by convicted fraudster and FTX founder Sam Bankman-Fried. The company has also sold dozens of other assets, including various venture-capital projects like a stake in the artificial-intelligence company Anthropic."
____
Why is SBF in prison?
It was already clear that not everyone would receive a refund.
April 25, 2024, 02:35:39 AM
https://www.theblock.co/post/290002/ftx-to-sell-next-lot-of-locked-solana-tokens-at-auction
FTX to auction next lot of locked Solana tokens: Mike Cagney
"The next sale of FTX’s stockpile of locked Solana will take the form of an auction, likely because of high demand from buyers.
Following the estate's sale of $1.9 billion worth of Solana tokens to industry firms such as Galaxy Digital and Pantera, the next sale will be an auction, according to Figure CEO Mike Cagney. Exact details of the sale have not yet been revealed and FTX did not immediately respond to a request for comment. "
FTX to auction next lot of locked Solana tokens: Mike Cagney
"The next sale of FTX’s stockpile of locked Solana will take the form of an auction, likely because of high demand from buyers.
Following the estate's sale of $1.9 billion worth of Solana tokens to industry firms such as Galaxy Digital and Pantera, the next sale will be an auction, according to Figure CEO Mike Cagney. Exact details of the sale have not yet been revealed and FTX did not immediately respond to a request for comment. "
December 20, 2023, 07:26:56 AM
https://finance.yahoo.com/news/ftx-files-plan-end-bankruptcy-021449836.html
"The reorganization plan left some of the most important questions unanswered, including whether FTX will restart its defunct crypto exchange, how the company will estimate the value of some digital tokens and how much creditors can expect to get back.
Next year, the plan will be sent to creditors for a vote — likely with key details added — before it goes to US Bankruptcy Judge John Dorsey for final approval. The major creditor and customer groups that have been involved in the Chapter 11 case have agreed to the broad outlines of the plan.
The payout plan calls for billions of dollars to be distributed as cash after much of the firm’s cryptocurrencies have been liquidated.
Last month, FTX founder Sam Bankman-Fried was convicted of orchestrating a massive fraud that led to the collapse of his FTX exchange."
___
1. The US Treasury claims a large share of the budget
https://bitcointalksearch.org/topic/m.63323427
2. Another interesting point is that it is not yet clear at what rates the money will be returned to creditors, but most likely not at the rate at which they invested. And it is unclear how much will remain after tax penalties.
"The reorganization plan left some of the most important questions unanswered, including whether FTX will restart its defunct crypto exchange, how the company will estimate the value of some digital tokens and how much creditors can expect to get back.
Next year, the plan will be sent to creditors for a vote — likely with key details added — before it goes to US Bankruptcy Judge John Dorsey for final approval. The major creditor and customer groups that have been involved in the Chapter 11 case have agreed to the broad outlines of the plan.
The payout plan calls for billions of dollars to be distributed as cash after much of the firm’s cryptocurrencies have been liquidated.
Last month, FTX founder Sam Bankman-Fried was convicted of orchestrating a massive fraud that led to the collapse of his FTX exchange."
___
1. The US Treasury claims a large share of the budget
https://bitcointalksearch.org/topic/m.63323427
2. Another interesting point is that it is not yet clear at what rates the money will be returned to creditors, but most likely not at the rate at which they invested. And it is unclear how much will remain after tax penalties.
December 18, 2023, 10:01:45 AM
FTX loses $53K every hour on ‘bankruptcy fees,’ latest filings show
In the three months ending Oct. 31, defunct crypto exchange FTX has been burning through approximately $53,000 every hour on bankruptcy lawyers and advisers, the latest round of compensation filings show.
Court filings from Dec. 5 to Dec. 16 show that the bankruptcy lawyers have charged at least $118.1 million between Aug. 1 and Oct. 31. Over the 92 days, this amounts to $1.3 million per day or $53,300 per hour.
The largest bill came from the management consulting firm Alvarez and Marshall, which charged $35.8 million for its services for the three months.
In the three months ending Oct. 31, defunct crypto exchange FTX has been burning through approximately $53,000 every hour on bankruptcy lawyers and advisers, the latest round of compensation filings show.
Court filings from Dec. 5 to Dec. 16 show that the bankruptcy lawyers have charged at least $118.1 million between Aug. 1 and Oct. 31. Over the 92 days, this amounts to $1.3 million per day or $53,300 per hour.
The largest bill came from the management consulting firm Alvarez and Marshall, which charged $35.8 million for its services for the three months.
December 14, 2023, 06:20:54 AM
The U.S. government's claim for $24 billion in unpaid taxes from FTX has only one source – taking cash away from its victims, the bankrupt crypto exchange said in a court filing Sunday.
The filing disputed the amount claimed and also said there are no other sources of cash. Unless a judge rejects the Internal Revenue Service's demand, the victims of the FTX fraud will not get any meaningful recovery. The case is scheduled to be heard later Tuesday.
"This Alice in Wonderland argument has no support in the law," the filing said. "There is simply no basis to support the IRS’s meritless claims that the Debtors owe tax in an amount that is orders of magnitude greater than any income the Debtors ever earned and that would effectively prevent most of FTX’s creditors – themselves victims of fraud – from obtaining any meaningful recovery."
https://www.coindesk.com/policy/2023/12/12/ftx-disputes-irss-alice-in-wonderland-tax-claim/
Initially, the amount was greater; 24 billion is a reduced amount.The filing disputed the amount claimed and also said there are no other sources of cash. Unless a judge rejects the Internal Revenue Service's demand, the victims of the FTX fraud will not get any meaningful recovery. The case is scheduled to be heard later Tuesday.
"This Alice in Wonderland argument has no support in the law," the filing said. "There is simply no basis to support the IRS’s meritless claims that the Debtors owe tax in an amount that is orders of magnitude greater than any income the Debtors ever earned and that would effectively prevent most of FTX’s creditors – themselves victims of fraud – from obtaining any meaningful recovery."
https://www.coindesk.com/policy/2023/12/12/ftx-disputes-irss-alice-in-wonderland-tax-claim/
I can only comment on this news in a way that makes it clear to everyone.
The US government tells the FTX exchange: “Let the creditors continue to wait for their payments. They invested and therefore assessed their risks, so they will remain unpaid. Pay the money to the US budget, it is needed there more.”
December 14, 2023, 04:36:27 AM
The U.S. government's claim for $24 billion in unpaid taxes from FTX has only one source – taking cash away from its victims, the bankrupt crypto exchange said in a court filing Sunday.
The filing disputed the amount claimed and also said there are no other sources of cash. Unless a judge rejects the Internal Revenue Service's demand, the victims of the FTX fraud will not get any meaningful recovery. The case is scheduled to be heard later Tuesday.
"This Alice in Wonderland argument has no support in the law," the filing said. "There is simply no basis to support the IRS’s meritless claims that the Debtors owe tax in an amount that is orders of magnitude greater than any income the Debtors ever earned and that would effectively prevent most of FTX’s creditors – themselves victims of fraud – from obtaining any meaningful recovery."
https://www.coindesk.com/policy/2023/12/12/ftx-disputes-irss-alice-in-wonderland-tax-claim/
The filing disputed the amount claimed and also said there are no other sources of cash. Unless a judge rejects the Internal Revenue Service's demand, the victims of the FTX fraud will not get any meaningful recovery. The case is scheduled to be heard later Tuesday.
"This Alice in Wonderland argument has no support in the law," the filing said. "There is simply no basis to support the IRS’s meritless claims that the Debtors owe tax in an amount that is orders of magnitude greater than any income the Debtors ever earned and that would effectively prevent most of FTX’s creditors – themselves victims of fraud – from obtaining any meaningful recovery."
https://www.coindesk.com/policy/2023/12/12/ftx-disputes-irss-alice-in-wonderland-tax-claim/
November 25, 2022, 09:01:13 AM
By this people losing their hope in crypto currency.Many investors since 2017 had stop their trading by this fact. Many new investors in this year 2002 may heard about FTX for now with no doubt. This disable their faith in the crypto currency. Since crypto currency is decentralised platform,it’s hard to do that control over a crypto currency. Only way to eliminate this one is you can investigate before the investment.
Cryptocurrency should only be stored on your own hardware or cold wallet.Another potential scam client.
If a large fund with such capabilities cannot store bitcoin in its wallet, then its investors may face big losses.
https://finance.yahoo.com/news/coinbase-custody-holds-635-000-152904175.html?
Coinbase Custody holds 635,000 BTC on behalf of Grayscale that refuses to share proof of reserves
November 24, 2022, 05:11:15 PM
By this people losing their hope in crypto currency. Many investors since 2017 had stop their trading by this fact. Many new investors in this year 2002 may heard about FTX for now with no doubt. This disable their faith in the crypto currency. Since crypto currency is decentralised platform, it’s hard to do that control over a crypto currency. Only way to eliminate this one is you can investigate before the investment. Binance future trading also make the people to lose their hope in crypto currency.
November 24, 2022, 04:56:06 AM
I wouldn't be surprised if this was intentional by the authorities, meaning they ignored the arrest of Bankman-Fried to make people lose faith in Crypto, we all know the recent attempts that have been made to discredit the crypto market and break the trust of major investors in Crypto, I think they want to send a message to people that your money It is not safe to invest in Crypto.
They are very successful at it nowadays and this incident and the incidents before it have caused a huge loss of confidence in Crypto. But the good news is that these incidents have cleaned up the crypto market and increased people's trust in Bitcoin in particular, and soon people will regain their trust in Crypto in general.
They are very successful at it nowadays and this incident and the incidents before it have caused a huge loss of confidence in Crypto. But the good news is that these incidents have cleaned up the crypto market and increased people's trust in Bitcoin in particular, and soon people will regain their trust in Crypto in general.
November 23, 2022, 08:56:38 AM
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
From the way this has happened and from that there could be strict regulations no doubt on exchange. Freedom and privacy for bitcoin is only if you decide to hodl your coins and not when you send it to exchange. Of course the regulation on the exchange is applicable to every coin therein. The crash is definitely a big one for the industry not only Bahamas. I think more legal actions should be rolled out for CEOs who use customers money.
The price of bitcoin has risen because institutional investors have entered this market. If the regulator forbids investing in crypto companies, then there will be a price drop in the crypto market.
Are you saying bitcoin itself is under scrutiny by regulators and who are they ? Or how are they able to regulate bitcoin itself ? No I don't think that is likely. The regulators can only go as far as restricting the people under them. I mean the government can restrict her people from the use of bitcoin and we know how far that has been so far. Hence, such regulators can regulate exchanges but not bitcoin.
The government cannot ban transactions on the bitcoin blockchain, but it can make investing in bitcoin illegal for many companies.
November 17, 2022, 10:00:36 PM
If the regulator forbids investing in crypto companies, then there will be a price drop in the crypto market.
Why would they do that? To me they would be more likely to ban cryptocurrencies than to ban institutions from investing in them.
And anyway, this cycle that was known as the one of institutional adoption, I would rather call it the one of "institutional disappointment", because in the cycle in which more institutions have invested than ever before, we are having the worst return of all cycles by far.
Leverage, championed by the greatest institutional investor and the most media-acclaimed: Michael Saylor, is largely to blame for this.
So I'm not so much concerned about institutions investing as I am about what regulations the public authorities are going to come up with now that CBDCs are in the pipeline.
November 16, 2022, 12:23:53 PM
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
From the way this has happened and from that there could be strict regulations no doubt on exchange. Freedom and privacy for bitcoin is only if you decide to hodl your coins and not when you send it to exchange. Of course the regulation on the exchange is applicable to every coin therein. The crash is definitely a big one for the industry not only Bahamas. I think more legal actions should be rolled out for CEOs who use customers money.
The price of bitcoin has risen because institutional investors have entered this market. If the regulator forbids investing in crypto companies, then there will be a price drop in the crypto market.
Are you saying bitcoin itself is under scrutiny by regulators and who are they ? Or how are they able to regulate bitcoin itself ? No I don't think that is likely. The regulators can only go as far as restricting the people under them. I mean the government can restrict her people from the use of bitcoin and we know how far that has been so far. Hence, such regulators can regulate exchanges but not bitcoin.
November 16, 2022, 08:35:17 AM
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
From the way this has happened and from that there could be strict regulations no doubt on exchange. Freedom and privacy for bitcoin is only if you decide to hodl your coins and not when you send it to exchange. Of course the regulation on the exchange is applicable to every coin therein. The crash is definitely a big one for the industry not only Bahamas. I think more legal actions should be rolled out for CEOs who use customers money.
The price of bitcoin has risen because institutional investors have entered this market. If the regulator forbids investing in crypto companies, then there will be a price drop in the crypto market.
November 16, 2022, 06:19:43 AM
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
From the way this has happened and from that there could be strict regulations no doubt on exchange. Freedom and privacy for bitcoin is only if you decide to hodl your coins and not when you send it to exchange. Of course the regulation on the exchange is applicable to every coin therein. The crash is definitely a big one for the industry not only Bahamas. I think more legal actions should be rolled out for CEOs who use customers money.
November 13, 2022, 06:43:28 AM
You call it rumors, but I think you are wrong, these are facts.
Then you're certainly not reading and not understanding the links you're posting yourself:
There are 2 dozen special services in the USA, isn't anyone interested in this?
There were 4 dozen special services in Russia too, too bad they are wild dogs' food in Herson's fields.
Funny how every time someone is in trouble you need US help.
If US messes with Salvador or Bahamas, then it's dirty colonialism.
FTX has filed for bankruptcy
https://twitter.com/FTX_Official/status/1591071832823959552
Nov 11, 2022
FTX Has Been Hacked
https://www.coindesk.com/business/2022/11/12/ftx-crypto-wallets-see-mysterious-late-night-outflows-totalling-more-than-380m/
Nov 12, 2022
FTX was valued at $32 billion at the start of the year and now the company is going bankrupt.
https://www.cnbc.com/2022/01/31/crypto-exchange-ftx-valued-at-32-billion-amid-bitcoin-price-plunge.html
I understood you. If a Bahamian company has caused losses to investors, then this is the problems of the Bahamas
__
If we talk about Russia, then thanks to the sanctions, many crypto users were unable to use the FTX exchange and buy its tokens.
https://en.wikipedia.org/wiki/Intelligence_agencies_of_Russia
If there were 40 special services in Russia, it would be possible to live better. But in practice, in the Russian Federation there is one main special service at number 1 on the list. Other intelligence services work abroad or protect important persons of the state, or their activities are related to the army.
November 13, 2022, 12:55:53 AM
The title talks about implications for regulation but I don't see it talked about in the OP or the thread.
In this regard I think what we are seeing this year is going to lead to strict regulations, which in principle I don't think is bad if they take care of shitcoins and all these people who have dedicated themselves to create a shitcoin/token out of nothing, sell it to each other to raise the price and the market cap in an artificial way, and to end up setting up a racket like FTX.
What worries me more is regarding Bitcoin, because there is already a European Parliament legislation underway to basically force KYC on all transactions with Bitcoin and cryptocurrencies, of any amount. Can you imagine this type of legislation spreading to the USA and other countries? Or for example, banning hardware wallets.
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
In this regard I think what we are seeing this year is going to lead to strict regulations, which in principle I don't think is bad if they take care of shitcoins and all these people who have dedicated themselves to create a shitcoin/token out of nothing, sell it to each other to raise the price and the market cap in an artificial way, and to end up setting up a racket like FTX.
What worries me more is regarding Bitcoin, because there is already a European Parliament legislation underway to basically force KYC on all transactions with Bitcoin and cryptocurrencies, of any amount. Can you imagine this type of legislation spreading to the USA and other countries? Or for example, banning hardware wallets.
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
November 12, 2022, 04:05:50 PM
You call it rumors, but I think you are wrong, these are facts.
Then you're certainly not reading and not understanding the links you're posting yourself:
There are 2 dozen special services in the USA, isn't anyone interested in this?
There were 4 dozen special services in Russia too, too bad they are wild dogs' food in Herson's fields.
Funny how every time someone is in trouble you need US help.
If US messes with Salvador or Bahamas, then it's dirty colonialism.
November 12, 2022, 12:25:25 PM
Why hasn't Bankman-Fried been arrested by law enforcement yet?
By what law enforcement and on what base?
What you have there are rumors that there is no actual police investigation if any company goes bankrupt and there are rumors that clients' funds might have been used do you think everyone will get arrested before an investigation, just because someone is pointing fingers?
"“The commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research,” the announcement said. Alameda is Bankman-Fried’s crypto trading business.
The Bahamas securities regulator has frozen the assets of part of Sam Bankman-Fried’s crypto empire"
https://www.scb.gov.bs/wp-content/uploads/2022/11/Securities-Commission-Statement-on-FTX-101122-Final.pdf
There are 2 dozen special services in the USA, isn't anyone interested in this?
Or should we wait until all the money is stolen and then investigate?
You call it rumors, but I think you are wrong, these are facts.
November 12, 2022, 10:19:52 AM
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
If Sam Bankman-Fried has not been arrested and will not be arrested then that only means that the justice system has failed when faced with crypto crime. One may see this either as a good thing or a bad thing, depending if you are for or against regulation of cryptocurrency.
Some people will see the uncontrollable nature of crypto in a bad way: The scammers will obviously see this as a green light to scam even harder, because hey, whos going to stop them?
I myself will try to remain positive and see this as a good thing: This is just more proof that cryptocurrency as well as its crimes are completely unregulatable and out of control of the government and the latest news about FTX as well as LUNA are just providing more evidence for this hypothesis. So we do have a system of freedom, should our governments ever decide to betray us.
I imagine that in the future, the governments and the people will have each other "by the balls". No more anti-democratic/dictator governments.
The Justice system always failed in a democratic country because the rich can always buy the police, judges, and even the victims. The scambag gets away with the money.
Now news says SBF flew his private jet to Argentina. No shit. Dirty secrets are revealed and he is hiding his ass while the media spreads the news telling the world crypto is a scam.
November 12, 2022, 09:41:25 AM
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
If Sam Bankman-Fried has not been arrested and will not be arrested then that only means that the justice system has failed when faced with crypto crime. One may see this either as a good thing or a bad thing, depending if you are for or against regulation of cryptocurrency.
Some people will see the uncontrollable nature of crypto in a bad way: The scammers will obviously see this as a green light to scam even harder, because hey, whos going to stop them?
I myself will try to remain positive and see this as a good thing: This is just more proof that cryptocurrency as well as its crimes are completely unregulatable and out of control of the government and the latest news about FTX as well as LUNA are just providing more evidence for this hypothesis. So we do have a system of freedom, should our governments ever decide to betray us.
I imagine that in the future, the governments and the people will have each other "by the balls". No more anti-democratic/dictator governments.
November 12, 2022, 03:31:19 AM
November 11, 2022, 10:21:15 PM
billionaires like Bankman-Fraud don't get jailed. he was prepared for this since he had donated to politicians long before his scheme was exposed.
but he also made lots of people mad at him who put all their hopes to FTT. lives are destroyed. if someone naked with a hammer breaks in his mansion while he is sleeping, it wouldn't be surprising anymore.
but he also made lots of people mad at him who put all their hopes to FTT. lives are destroyed. if someone naked with a hammer breaks in his mansion while he is sleeping, it wouldn't be surprising anymore.
November 11, 2022, 11:02:19 AM
The news said SBF is still in Bamahas, it could end up how Karpeles hides back when no regulators want to take action.
How is Karpeles hiding?
He was in Japan when Mt. Gox collapsed, he was arrested by Japanese police forces, and he went to trial there, he was released on bail and required to remain in Japan which he did!
Why hasn't Bankman-Fried been arrested by law enforcement yet?
By what law enforcement and on what base?
What you have there are rumors that there is no actual police investigation if any company goes bankrupt and there are rumors that clients' funds might have been used do you think everyone will get arrested before an investigation, just because someone is pointing fingers?
Quote
Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said.
FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion, the person said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a decision that Mr. Bankman-Fried described as a poor judgment call, according to the person.
FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion, the person said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a decision that Mr. Bankman-Fried described as a poor judgment call, according to the person.
So, some guys gives an interview and you think is a base for an arrest!
Let's wait and see if it's even like that, I'm starting to change my opinion on SBF, unlike Alex Mashinsky, which by the way is still free also, he seems more and more like a guy that actually believed in the nonsense he was saying, not that he is not guilty of all this mess but I don't think he did it just for financial gains.
November 11, 2022, 10:34:46 AM
https://www.wsj.com/articles/ftx-tapped-into-customer-accounts-to-fund-risky-bets-setting-up-its-downfall-11668093732
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
FTX’s chief executive told investors this week that an affiliated trading firm owes the crypto exchange about $10 billion
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
FTX’s chief executive told investors this week that an affiliated trading firm owes the crypto exchange about $10 billion
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
The news said SBF is still in Bamahas, it could end up how Karpeles hides back when no regulators want to take action.
But then even today, there are still no clear regulations in crypto, not any finance regulating body willing to regulate crypto seeing the market as a hot potato due to this kind of systematic problem where every bear market there are companies that suddenly declare bankruptcy.
I think he scammed big renowned people like Scaramucci. Using the funds of these people seriously gonna get him in trouble. Probably, thru this incident also a group will step up to bail out and act to regulate the crypto market thru FTX leadership.
November 11, 2022, 09:58:22 AM
According to Reuters (I read the article a few hours ago): ftx us is financially unaffected by the investments. If there's enough funds to cover withdrawals in the Bahamas, there's a chance nothing will happen to him (arrest or prosecution wise) - the article I'd want to reference has since been shortened, it was very long and the parts of where ftx still has liquidity and where it doesn't don't seem to be mentioned.
I kinda think he offered for the company to take on those risky holdings to bolster cryptos position and help keep them liquid, if so then it might be considered philanthropic and become hard for a judge to actually prosecute - especially if there was a strategy behind taking those holdings and selling them on fairly quickly which might be something that gets done or would've been soon on the original trajectory (in only a year or two).
I kinda think he offered for the company to take on those risky holdings to bolster cryptos position and help keep them liquid, if so then it might be considered philanthropic and become hard for a judge to actually prosecute - especially if there was a strategy behind taking those holdings and selling them on fairly quickly which might be something that gets done or would've been soon on the original trajectory (in only a year or two).
November 11, 2022, 09:15:14 AM
https://www.wsj.com/articles/ftx-tapped-into-customer-accounts-to-fund-risky-bets-setting-up-its-downfall-11668093732
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
FTX’s chief executive told investors this week that an affiliated trading firm owes the crypto exchange about $10 billion
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
FTX’s chief executive told investors this week that an affiliated trading firm owes the crypto exchange about $10 billion
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
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