He could face decades in prison.
  • ShittyBeatlesFCPres@lemmy.worldEnglish
    644·
    10 months ago

    I would simply have not given real money to some company in the Bahamas in exchange for a token and a promise the token would be good for more money later. But I’m street smart like that.

    • ours@lemmy.worldEnglish
      277·
      10 months ago

      They didn’t make their own crypto coin.

      I remember finding them in a list where they offered something like 8% interest if you deposited your bitcoins with them which was still fishy as hell. It looked like a sweet deal but I wondered how they managed to do that sustainably. I guess the answer was “they didn’t”.

      • Raiderkev@lemmy.worldEnglish
        32·
        10 months ago

        I think you’re thinking about Celsius. SBF absolutely had his own coin, and it is tantamount to the whole FTX collapse. Their competitor owned a shit load of it, it was called FTT iirc. He then just decided to tweet out that they were selling all their FTT, and then everyone started selling FTT which started a run on the token.

        The company also pumped FTT and other tokens value through their hedge fund Alameda research. The man deserves every last day of sentencing.

        • ours@lemmy.worldEnglish
          10·
          10 months ago

          I think you’re right. I must be mixing up all these crypto-based scams.

          • Raiderkev@lemmy.worldEnglish
            3·
            10 months ago

            It’s almost like crypto itself is one giant Ponzi scheme?! Forget I said that. It’s tHe FutUrE

          • Raiderkev@lemmy.worldEnglish
            2·
            10 months ago

            Also, be glad you didn’t put money in Celsius. I have a friend that did for the interest that they were offering. It worked… Til it didn’t. He lost $50k.

      • pinkdrunkenelephants@lemmy.cafeEnglish
        113·
        10 months ago

        Yet people do the same thing with literal U.S. dollars and we think nothing of it when banks lose billions gambling our money in the stock market. 🤔

        Or open credit cards in their customers’ names without their consent.

        Or tear down whole economies with no consequences. Or take almost complete control of the housing market and turn Americans into serfs. Or…

        Strange, that that fat fuck is only being held accountable because he used bitcoins to do the same things banks do on the regular. Strange indeed…

        • SomeRandomWords@lemmy.blahaj.zoneEnglish
          8·
          10 months ago

          People absolutely think something about it when it happens, and hell sometimes the government even does something about it (as demonstrated in the article you linked). Just a whole lot of us would argue they don’t do enough about it.

          • pinkdrunkenelephants@lemmy.cafeEnglish
            52·
            10 months ago

            I’m not actually defending Sam Bankman-Fried. I’m pointing out the obvious hypocrisy in the system. Both that fat fuck and actual bank execs need to waste away in prison cells.

  • SamsonSeinfelder@feddit.deEnglish
    472·
    10 months ago

    He is set to be sentenced by Judge Lewis Kaplan on March 28th of next year and faces decades in prison.

    What a tease. Hurry up!

  • MisterChief@lemmy.worldEnglish
    453·
    10 months ago

    “Originally placed under house arrest, he was sent to jail in August for violations of his bail conditions, including using a VPN to watch a football game and leaking the diary entries of his ex-girlfriend”

    Ok I get the diary, that’s shitty…but using a VPN to watch football? That’s a normal Saturday afternoon.

    • Tar_Alcaran@sh.itjust.worksEnglish
      24·
      10 months ago

      When you’ve got bail conditions on the order of roughly a lifetime’s income riding on not using a VPN, I think you can skip football for a while.

    • Echo Dot@feddit.ukEnglish
      15·
      10 months ago

      leaking the diary entries of his ex-girlfriend

      August 4th
      Dear diary, I have tried once again in vain to get Sam to get a decent haircut. In the movie of your life you’re going to be played by Jesse Eisenberg, the least you could do is move over to his default haircut. It’s only courteous.

      Unless he listens not.

    • paprika@infosec.pubEnglish
      293·
      10 months ago

      He’s the scapegoat for all financial crimes of the past decade. Before him it was Madoff. The rest will continue as normal.

      • peopleproblems@lemmy.worldEnglish
        5·
        10 months ago

        And they’ll continue to commit fraud until they can’t kick the can anymore. Then they kick us because they have everything anyway.

        • SuckMyWang@lemmy.worldEnglish
          21·
          10 months ago

          No they won’t. There’s way more of us. They’ll take serious action and make heavy weights testify before congress. Court cases will follow and the news and speculation will be dizzying. Then as the trials slowly work their way through the courts they will be found not guilty or face mild slaps on the wrist or have to resign from ceo to a lesser role like vice ceo. And which ever rich person stole the most from other rich people will be thrown to wolves and the cycle will continue for another decade.

    • helenslunch@feddit.nlEnglish
      62·
      10 months ago

      Most CEOs and bankers know they can’t screw each other. It’s only okay to screw the little guys.

      At least Bernie got away with his scam for decades. He was an old old man who had lived a full life by the time he went to prison. Sammy? Not so much

  • podperson@lemm.eeEnglish
    346·
    10 months ago

    Try to incite an insurrection and steal an election: you’ll walk away with no consequences.

    Steal money from the rich: you will burn.

  • Pxtl@lemmy.caEnglish
    314·
    10 months ago

    So, will all the conservative chuds who were convinced he was going to walk because he donates to the Democrats do any kind of follow-up on that theory?

  • jet@hackertalks.comEnglish
    231·
    10 months ago

    He should have committed to the personality.

    He should have been playing League of Legends, bronze tier, on a laptop during the trial, while wearing cargo shorts and sipping whatever his silly energy drink was.

    • AtmaJnana@lemmy.worldEnglish
      4·
      10 months ago

      Definitely. I’m sure the court would be happy to throw in a contempt charge on top of his sentence for fraud.

    • waz@lemmy.worldEnglish
      11·
      10 months ago

      While reading your comment I somehow managed to overlook the emojis initially and I just pictured you running outside with a bubble wand and a container of soapy water to celebrate.