Very surprising. There are a lot of hot issues right now in the cryptocurrency market.
I am curious now about the arrest of Sam Bankman-fried. Could this be a guarantee that users' funds on the FTX exchange will be refunded or given to the user back? The arrest of Sam Bankman-fried, could be a huge W for some people who lost their funds on the FTX exchange, but I am praying that these customers' funds must be given back to the customers.
Letter from Bahamas authority:
I hope that it will still be refunded, maybe it's impossible to return the whole thing for most users but at least there's should be a portion of it. It took them long before they put SBF in arrest. Well, they've got all the opportunity when he has attended conference where he's the speaker and didn't do anything with it.
If I am perfectly honest I did had my doubts this day will come as the guy has donated too much money to important figures and he has probably the best lawyers that his money can afford him.
But at least this is a step on the right direction, as someone like him needs to face charges for what he did, still even if he is eventually found guilty from the charges that are brought against him this is not going to help people to recover all the money they lost, but at least it will bring them some justice.
That was one of the reasons that anyone has been thinking of as to why he's still not arrested. But just this day, it came all of sudden and surprised to see this news. Although not surprised really because many are waiting for it.
Actually I wonder why SBF got arrested? is there any rule he broke? but I can't find any laws that he broke.
It's the risk if anyone leave their coins on centralized exchange and it's their right if they use customers money for investment or other thing to make more money, even banks did that. I believe they have a rule if they're not responsible to recover customers money when something bad happen, all centralized exchange have this rule. So it doesn't make sense for me if SBF go to jail just because this problem.
Too many things but as per the letter, Bahamas just cooperated with the request of US with the criminal charges that has been filed there against him.
actually this is a sad thing for the crypto world, who wants all of this to happen, everyone also doesn't want this to happen.
but this is reality, and justice must be upheld according to applicable law.
with this arrest, it gives knowledge that every crime will definitely be uncovered, and it will definitely smell wherever it runs.
so the conclusion is don't be a greedy person, and fall into the world of crime.
This arrest shows that whoever wants to f*ck up with people's money, there will be a place for them and will experience the same thing.
The time is coming when SBF would get a jail sentence for the many bad things he did or approved to have done in FTX...and his lawyer/s will do everything they can to minimize the jail terms. Just like
Elizabeth Holmes of Theranos, Sam will have to pay the many frauds he did and it does not matter to me if creditors will get the money owed to them but certainly they are entitled to get some as there are many asserts still left intact by FTX so it is a matter of legally liquidating them. Sam tried to make his name a little bit more acceptable with his interviews and with the mainstream media playing along...but the immense pressure coming from different directions for law enforcers to do what they should be doing has finally come to the arrest of the man...definitely no more the golden boy of the crypto industry he is now its
Bernie Madoff version.
Well, he's got all the right to defend himself and will surely get the best lawyers to protect and defend him against the cases that were filed to him. He's done wrong with too many people and he has to pay for it but still, the law will be fair to him even if we know the obvious.
This is the news that everyone who has lost funds because of the actions of this crime has been waiting for on the FTX exchange, but what is more desirable for people who have suffered losses is not only to see SBF imprisoned but to be clear about their money, what percentage is the probability that they can get their money back , because even though SBF is in prison, it is possible that when the court later he will only get a light sentence which does not fulfill justice for those who are aggrieved
It's just like a partial justice but still, there something that has been done against him so that people who have been hoping that there's an action sees that the authorities are working on it. If the money that he has embezzled will be returned to the people, I guess most of them will have nothing against him anymore as long as he returns it.
Today I became overjoyed to find out that SBF was arrested by Bahamian Authorities and that the United States Government was going to charge him with the serious crimes of money laundering, wire fraud, and securities fraud.
I think its strange that he was arrested the day before he was going to testify today and tomorrow. The timing for him to be arrested seems fishy if you ask me. I have also read that SBF and FTX's inner circle had a secret group chat on the Signal app called 'Wirefraud'. The plot thickens in this turn of events.
I didn't know that there's an activity prior to this arrest but we don't know what's with it and there's no need to go further with that as he's already been arrested.
Oh poor soul, and in his greatness he even said lately he will start another business to pay back the missing funds... How injust are these bad people... (/s)
He's not sorry for what he's done and not even remorseful with it. As if giving a solution and starting a business is too easy on him while the people that have entrusted him their money are struggling and unsure if their money will be back.
This is truly a piece of good news, but never the news that would give justice to the victims of SBF's fraud. The perpetrator might be tried and jailed for so long for all I care, but will it bring back the money that has gone? The real justice is when this money is given back to those who invested with FTX, but I know that would not happen.
I hope more regulations could be put in place among the centralized exchange since they are within the reach of the world government. This is another justice that could be served to avoid the repetition of this ugly event!
This is just some of justice and it's still incomplete. We want more and more satisfying ending on the end of the victims. With the incident, the government are going to be stricter with rules and policies towards these centralized exchanges.
I just think that he's just a pawn, and the real people behind him, got the money, imagine the time we waited for him to be arrested, the US government take time to make this actions which should had been done earlier, maybe they are also on the ropes, and they have no choice but to drop the hammer for the guy, but no matter what he is still responsible for the collapse.
Well, majority of us think that he's the big guy behind. But if he'll testify and will say that there are even more behind him and even powerful people then that's another case that will be opened if he's trying to save himself from all of the charges. Although, I don't think that he can alibi and run away from it, if so.
They could not recover the funds because, as the investigation states, it was hacked, right? No more funds remain in the system, which will be a hassle for everyone. It will not be able to recover the funds, but somehow it will make a "good" feeling for those affected by the FTX. The void left in the heart isn't going to be enough for sure.
At least they are doing the right thing to get to the bottom and do something about what happened.
If there are still some remaining assets, cryptos and not. Those can be used to refund the money of the people but will that sustain the overall loss? I don't know. But hopefully, there will still be a lot of the victims that will take back their money even if it's not guaranteed.
Finally, but this is little bit out of topic is Do Kwon arrested too after luna happened, and the second question is all the user fund still cant be withdraw it till this date. and just curious what happened if FTX doesn't have money to repay all the user and they declared to bankrupt already
1. Do Kwon is still roaming somewhere, a fugitive and hasn't been arrested yet.
2. He already forked it and got away with that problem, which is the same proposal as what SBF made.
3. There's nothing everyone can do with it, he's already run away with the money with his cronies.
While him finally getting arrested is a good news, people that got their money lost in FTX are still very far way from any justice. SBF paid shit load of money to both Democrats and Republicans and will have top lawyers defending him so I don't think that people should celebrate just yet.
It may not be near to the actual justice but it's good to see that there's the initiation to him. That's the sad part of it, with all of his "donations" to those big folks, we'll see if they'll come to save him on his tough times.
The U.S. and the Bahamas have had an extradition treaty in place, so why would he stay there, if he was guilty? With a net worth of nearly $17 billion, Sam Bankman-Friedman could have gone to any other place where the US does not have a extradition treaty?
Most of these guys are excellent entrepreneurs and financial gurus, but they lack basic business skills and how to manage a business. Karpeles did the same thing with Mt Gox.... and the whole thing collapsed.
A skill that could have been used properly but him and his cronies didn't used it well but instead used it to take advantage of others. They've done fraud to people's money and if he's a genius he wouldn't done that in the first place, we'll just leave it to the authorities.
I hope the arrest isn't for show only like when the off-camera SBF is living like a king with all the assistant and lavish living.
I hope so too but we can't just stop thinking of any other possibilities since he's like a big funder to the political parties in the US.
What kind of business does SBF wants to go into in other for him to be able to pay back customers funds ? Who does he think he is fooling, he has list his trust that people have by doing away with their money.
FTX crash has wrecked some rich crypto investors who left major of their asset in his exchange and has also discourage some persons who left their coin in his exchange i.e this scammer SBF has done great harm to the cryptospace and he is still proud and say bla bla bla. After the law has caught up with him,he will know that life is not as easy as he thinks. He got arrested at the right time,he might be spending his Xmas in custody.
He thinks that any solution he's going to suggest will be likened by the massess. But it's not like that, many are so full of him as if it's not a big deal of what he did. And the fate has reciprocated to what he's done and favored the people. Still, this is a long way to go.
Entrepreneur and financial gurus are knowledgeable about money flow so automatically the person is knowledgeable on how to run a business. Don't misunderstood technical knowledge on Bitcoin and TA with running business. Businessman maybe not knowledgeable on laws and regulation that is why they hire lawyer for it. 