[Updated] FTX

[JayJuanGee]

Bankman-Fried will begin testifying as soon as Thursday, his team said.

Looking forward to it!  

Let's consider bitcoin, the largest cryptocurrency by market capitalization, as a proxy for the broader cryptocurrency markets. On Nov. 11 of last year, the petition date, bitcoin was trading around $17,000. On Friday, it crossed $30,000."

And chances are that bitcoin will be higher than it is now by the time FTX actually starts sending the money to their debtors, meaning even bigger loss.

I talked with few friends who have money stuck in FTX and they all pretty much say that is the least of their concern and at this point they would be happy if they get 100% of the money out even if it was only in the dollar value as they already accepted that they lost everything they had there.

I doubt that the status of the desperate state of mind of the claimants should be a reflection in regards to what "should be" done, and surely there is a bit of a problem in these kinds of situations in which the entity may well not have been holding value in the asset that they claimed to have on the books and the recovery of value might end up taking place in other assets, so there can be some difficulties resolving the books if the trustees are recovering value in various kinds of assets and then reflecting that value in dollars, but a decent number of claimants are wanting to receive bitcoin that may or may not end up being recovered by the trustees and may not be recovered in that form. if the value does end up being recovered.  

It is pretty sad that the value of the estate is determined from the bitcoin price at the time of the filing when a lot of the worse aspects of the crashing of the bitcoin price may even be attributable to criminal and/or fraudulent actions of that very exchange.

Many of us lay persons are not going to have a lot of information regarding what were the claims versus what were the recovered assets and if they might not even have the bitcoin to reimburse but they might have dollars or they might have property.. and sure some of that will get converted (such as the property), and most likely converted into dollars.. so then if the exchange ends up having obligations to reimburse into the asset that the claimant had there (especially the more common coins, such as bitcoin), then does the estate then need to go into the market and buy bitcoin.. maybe that would be the most just thing in this kind of case, even if they are recovering assets and converting into dollars.

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[Rikafip]

SBF is finally on stand so here is live Twitter thread for all those who want to hear what is he saying.

https://twitter.com/innercitypress/status/1717603416468324686


edit: our boy Sam believed its perfectly legal to take money from FTX through Alameda 

[bbc.reporter]

@Rikafip. People on social media who are posting memes are very distracting hehehehe.



On his statement that he thought it was legal to take FTX deposits would later be connected to Sam's absence of discernment between right and wrong. This will be blamed on his longterm use of Adderall and the defense will create a storyline that he is the victim.

This is my prediction.

[Rikafip]

On his statement that he thought it was legal to take FTX deposits would later be connected to Sam's absence of discernment between right and wrong. This will be blamed on his longterm use of Adderall and the defense will create a storyline that he is the victim.

This is my prediction.

Nah, I don't think that his defense will go that way, but I guess we will see. Either way, I don't think he will avoid a long jail sentence considering all the pepple that testified against him, unless by some miracle he gets a deal and give them something big enough (maybe connected to CZ/Binance?).

Anyway, round 2 just started, for those intersetd to hear what he has to say.

https://twitter.com/innercitypress/status/1717898718232350770

[JayJuanGee]

On his statement that he thought it was legal to take FTX deposits would later be connected to Sam's absence of discernment between right and wrong. This will be blamed on his longterm use of Adderall and the defense will create a storyline that he is the victim.

This is my prediction.

Nah, I don't think that his defense will go that way, but I guess we will see. Either way, I don't think he will avoid a long jail sentence considering all the pepple that testified against him, unless by some miracle he gets a deal and give them something big enough (maybe connected to CZ/Binance?).

Anyway, round 2 just started, for those intersetd to hear what he has to say.

https://twitter.com/innercitypress/status/1717898718232350770

It is a bit ironic how there were some pretty strong voices proclaiming that Sam was not going to see one day in jail and some other skepticism regarding the process, and now the tone is kind of changing in terms of thinking that Sam is going to get put away for a long time...and surely he does not seem to be helping himself in terms of how dumb he actually seems when he is pretty much allowed to speak, absent either some rabbit pulled out of a hat, or some kind of fluke. .. so in that regard, prior to the collapse of FTX, he was being touted as a genius (but the level of fraud was not understood)..and gosh in light of what was actually going on, he seems so foolish and so lacking in anything that is going to save him from getting quite a few years.. maybe 30 at minimum.. ?  it is still a bit difficult to know.. and also anyone else going to go down?  He has not thrown his parents under the bus yet, and I would like to see some criminal charges against those seeming connivers. 

[Rikafip]

It is a bit ironic how there were some pretty strong voices proclaiming that Sam was not going to see one day in jail and some other skepticism regarding the process, and now the tone is kind of changing in terms of thinking that Sam is going to get put away for a long time...and surely he does not seem to be helping himself in terms of how dumb he actually seems when he is pretty much allowed to speak, absent either some rabbit pulled out of a hat, or some kind of fluke.

I have to admit that initially I thought that he will weasel himself out somehow and put blame on some other people from FTX, but the moment his ex girlfriend and his buddy Gary Wang pleaded guilty and got deals it was becoming real that he may end up in jail after all. Some like @bbc.reporter are still skeptical though, but the way things are develooping I really see no reason to feel like that.

He has not thrown his parents under the bus yet, and I would like to see some criminal charges against those seeming connivers

With everything that we know now, its obvious now that he did some of the things with their help so yeah, they definitely deserve some charges as well.

[bbc.reporter]

On his statement that he thought it was legal to take FTX deposits would later be connected to Sam's absence of discernment between right and wrong. This will be blamed on his longterm use of Adderall and the defense will create a storyline that he is the victim.

This is my prediction.

Nah, I don't think that his defense will go that way, but I guess we will see. Either way, I don't think he will avoid a long jail sentence considering all the pepple that testified against him, unless by some miracle he gets a deal and give them something big enough (maybe connected to CZ/Binance?).

Anyway, round 2 just started, for those intersetd to hear what he has to say.

https://twitter.com/innercitypress/status/1717898718232350770

I disagree. If someone is facing a lifetime in prison, all types of other options on how to reduce sentence will certainly be more attractive than the option facing him.

However, agree on Sam Bankrupt-Fraud becoming a whistleblower. Sam Tabasco is waiting for him and become partners again hehehe. I speculate Sam Tabasco to be whistlerblower no.1 who might have made a deal with the government already.

[Rikafip]

If someone is facing a lifetime in prison, all types of other options on how to reduce sentence will certainly be more attractive than the option facing him.

Of course, but woulnd't someone who plans to use drug abuse as part of the defense already admit guilt, instead of repeating that he doesn't feel guilty? The way I see it, so far SBF is going for all or nothing tactic.

However, agree on Sam Bankrupt-Fraud becoming a whistleblower.

Chances are that he would already do it if he actually had something good like his ex gf and few of his FTX buddies did and not go through trial.

[bbc.reporter]

@Rikafip. They might be seeding the information of Adderall addiction presently and use this later. It will be one of their options of escape if their all or nothing tactic does not work hehehe.

On being a whistleblower, I am speculating more on exposing information about FTX's role as the moneylaundering apparatus of the Democrats.

[bbc.reporter]

News update. Sam Bankrupt-Fraud is found guilty for defrauding FTX customers by the trial's jury.

I reckon this will have a positive effect on the market because it is closing a bad chapter of a story and it starts a new chapter where we can have a new beginning, where we can find new hope and where we might witness a new pump heheheh.



A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. The former FTX CEO faces a maximum sentence of 115 years in prison.

Read in full https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html



@Rikafip. You are correct. It was all or nothing hehehe.

[JayJuanGee]

News update. Sam Bankrupt-Fraud is found guilty for defrauding FTX customers by the trial's jury.

I reckon this will have a positive effect on the market because it is closing a bad chapter of a story and it starts a new chapter where we can have a new beginning, where we can find new hope and where we might witness a new pump heheheh.

A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. The former FTX CEO faces a maximum sentence of 115 years in prison.

Read in full https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html

@Rikafip. You are correct. It was all or nothing hehehe.

It looks like deliberations were pretty quick.  Around 4.5 hours from 3:15Pm to 7:45pm and they also had a kind of lunch break in there and during that time, too.

https://edition.cnn.com/business/live-news/sam-bankman-fried-trial-verdict-11-2-23/index.html

so really pretty quick deliberation before reaching their verdict....

and another thing is that sentencing is not until March 28, 2024, so there is nearly 5 months to wait for sentencing.. and whether he will receive close to the 115 years or not remains a question that will still need to be answered, and just to note that the sentencing will come less than a month prior to the halvening - maybe even around 2 weeks prior to the halvening if the halvening ends up coming more quickly than currently anticipated to be around the 3rd week of Apriil.

[BABY SHOES]

Hearing this recent news about SBF, "Judge, Lewis Kaplan set SBF's sentence for March 24, 2024". Which is when the big "Halving" event will happen.

Haha the verdict has finally arrived and the Judge has decided that SBF is guilty, he deserves this punishment.

Situation at SDNY court with @innercitypress reporter, many people were waiting for this decision and now it has arrived.
Source: https://twitter.com/innercitypress/status/1720236074385969601

[Tony116]

News update. Sam Bankrupt-Fraud is found guilty for defrauding FTX customers by the trial's jury.

I reckon this will have a positive effect on the market because it is closing a bad chapter of a story and it starts a new chapter where we can have a new beginning, where we can find new hope and where we might witness a new pump heheheh.



A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. The former FTX CEO faces a maximum sentence of 115 years in prison.

Read in full https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html



@Rikafip. You are correct. It was all or nothing hehehe.

I also just saw this news, the jury even made a verdict less than 1 day after the trial ended, it was really an extremely quick and decisive verdict. What's more remarkable is that SBF's lawyer couldn't even help him get away with even one crime. 115 years in prison is deserved for what he did.

Although SBF has paid the price for what it has done, I believe that centralized exchanges will continue to collapse for thousands of other reasons. Therefore, this is not only a new chapter for the market but also a wake-up call for all of us as well as the exchanges that are intending to scam investors.

[Rikafip]

I reckon this will have a positive effect on the market because it is closing a bad chapter of a story and it starts a new chapter where we can have a new beginning, where we can find new hope and where we might witness a new pump heheheh.

Even though its definitely a good news, I don't expect it to have any infleunce on the market whatsoever.

@Rikafip. You are correct. It was all or nothing hehehe.

You see? You worried for no reason that he will end up getting acquitted or getting some kind of deal. The moment his cloests allies ratted him out it was obvious that he is not getting away with is and now the only question is how many years he gonna spend in jail.


Maybe some crypto gambling site active here on bitcointalk should sponsor jail sentence prediction topic? 

[Tony116]

I reckon this will have a positive effect on the market because it is closing a bad chapter of a story and it starts a new chapter where we can have a new beginning, where we can find new hope and where we might witness a new pump heheheh.

Even though its definitely a good news, I don't expect it to have any infleunce on the market whatsoever.

I think in the long run there will definitely be negative and positive impacts on the market. On the positive side, this is a deterrent, warning that those intending to commit fraud will receive results similar to or worse than what SBF is responsible for. Government intervention will reduce scams and the market will develop healthier. The negative here is that the government will tighten regulations, introducing more regulation and control over the cryptocurrency market. Our freedom and privacy will be somewhat threatened.

@Rikafip. You are correct. It was all or nothing hehehe.

You see? You worried for no reason that he will end up getting acquitted or getting some kind of deal. The moment his cloests allies ratted him out it was obvious that he is not getting away with is and now the only question is how many years he gonna spend in jail.


Maybe some crypto gambling site active here on bitcointalk should sponsor jail sentence prediction topic? 

If he is indeed sentenced to 115 years in prison, it will be when BTC is fully mined  .

[JayJuanGee]

I reckon this will have a positive effect on the market because it is closing a bad chapter of a story and it starts a new chapter where we can have a new beginning, where we can find new hope and where we might witness a new pump heheheh.

Even though its definitely a good news, I don't expect it to have any infleunce on the market whatsoever.

I think in the long run there will definitely be negative and positive impacts on the market. On the positive side, this is a deterrent, warning that those intending to commit fraud will receive results similar to or worse than what SBF is responsible for. Government intervention will reduce scams and the market will develop healthier. The negative here is that the government will tighten regulations, introducing more regulation and control over the cryptocurrency market. Our freedom and privacy will be somewhat threatened.

@Rikafip. You are correct. It was all or nothing hehehe.

You see? You worried for no reason that he will end up getting acquitted or getting some kind of deal. The moment his cloests allies ratted him out it was obvious that he is not getting away with is and now the only question is how many years he gonna spend in jail.
Maybe some crypto gambling site active here on bitcointalk should sponsor jail sentence prediction topic?  

If he is indeed sentenced to 115 years in prison, it will be when BTC is fully mined   .

That would be perfect that he would be released around 2137 since time served may well be counted, so if he gets the full amount then his time would likely run from around September 2023... though he does not seem tough enough to even be able to make it in prison until 2037.  He's likely going to need to toughen up or figure out some ways to get protected.. He doesn't really seem very likable in that kind of a tough guys environment, so he may well be trying to seek some kind of separation for protection, and I am not even sure if some thing like that would be sustainable.. but surely there are some prisons that are less rough than others... yet he still does not seem to have a personality that would even work well in a prison that is not as harsh/rough.

[bbc.reporter]

I reckon this will have a positive effect on the market because it is closing a bad chapter of a story and it starts a new chapter where we can have a new beginning, where we can find new hope and where we might witness a new pump heheheh.

Even though its definitely a good news, I don't expect it to have any infleunce on the market whatsoever.

@Rikafip. You are correct. It was all or nothing hehehe.

You see? You worried for no reason that he will end up getting acquitted or getting some kind of deal. The moment his cloests allies ratted him out it was obvious that he is not getting away with is and now the only question is how many years he gonna spend in jail.


Maybe some crypto gambling site active here on bitcointalk should sponsor jail sentence prediction topic? 

Hehehe, yes but you should have noticed that I watch a lot of movies and my love for them. I wanted action, drama, mystery and also some comedy for Sam's case. However, reality has shown again to be boring hehe. It might have been different if it was streamed on video.

Also, speaking of movies, it will be the Oscars betting season! I have created the thread already. We need your knowledge and analysis hehehe.

[Rikafip]

He's likely going to need to toughen up or figure out some ways to get protected.. He doesn't really seem very likable in that kind of a tough guys environment, so he may well be trying to seek some kind of separation for protection, and I am not even sure if some thing like that would be sustainable.. but surely there are some prisons that are less rough than others... yet he still does not seem to have a personality that would even work well in a prison that is not as harsh/rough.

I don't think that he will be sent in some maximum security prison with killers so he would need protection and instead to something more like medium to minimum security with other white collar criminals. Afaik, Bernie Madoff was also in that kind of prison.

Hehehe, yes but you should have noticed that I watch a lot of movies and my love for them. I wanted action, drama, mystery and also some comedy for Sam's case. However, reality has shown again to be boring hehe. It might have been different if it was streamed on video.

Haha, I noticed that long time ago, that you like all kinds of crazy scenarios so for you this must have been a very boring trial, which in the end was a good thing I think as he was found guilty.

Also, speaking of movies, it will be the Oscars betting season! I have created the thread already. We need your knowledge and analysis hehehe.

Odds are already out? Will take a look!

[o48o]

I disagree. If someone is facing a lifetime in prison, all types of other options on how to reduce sentence will certainly be more attractive than the option facing him.

However, agree on Sam Bankrupt-Fraud becoming a whistleblower. Sam Tabasco is waiting for him and become partners again hehehe. I speculate Sam Tabasco to be whistlerblower no.1 who might have made a deal with the government already.

I seriously doubt there's going to be any sort of deal at this point.  What more he could even give them that he already did? What whistle there is left to blow?

There already was 15 days of testimonies and pretty much everything has been revealed. Only after that jurors found him guilty on seven counts of fraud and conspiracy, so now he is facing up to 110 years. He most likely won't get full sentence but enough to sit rest of his years in jail.

SBF was a main character behind this and he is taking most ofl the blame on this.

US Attorney Damian Williams lauded the jury’s verdict, saying the government has “no patience” for fraud and corruption.

“These players like Sam Bankman-Fried might be new, but this kind of fraud, this kind of corruption, is as old as time,” he said.

This pretty much summarizes the attitude against SBF and he won't be walking.

[bbc.reporter]

@o48o. Agreed, however, until the sentence is given and considering Sam's parents have connections with the top politicians and leaders of the Democtratic party I will not be shocked if there was a plot twist.

In any case, the cryptospace is a very crazy place. Similar to what the people in social media are saying, Sam was a pump and dump. A billionaire at 29 years old to being bankrupt and jailed in less than 1 year hehehehe.