[Updated] FTX

[Rikafip]

It appears that there is that there is a cover up. The department of justice has dropped the cases against Sam Bankman Fried on political campaign financing violations. It was also mentioned that they have dropped the Chinese bribery case.

Yeah saw it the other day, I guess all that donated money gave him some protection after all. What I would like to know though is can FTX go aftee that donated money conssidering dropped charges?

I reckon that what the community should begin speculating on is to ask who received and accepted the funds than came from Sam Bankman Fried.

That list is already out, here is the link https://twitter.com/unusual_whales/status/1603757337461800967

[bbc.reporter]

@Rikafip. It might be more to protect the receiver of those funds because putting Sam on trial for it might expose who they are, how much was received and what type of favors were being given to Sam in exchange for those donations.

That is a long list with both Democrats and Republicans hehee. I also want to know who the Chinese official that received the bribe hehe.

[Rikafip]

@Rikafip. It might be more to protect the receiver of those funds because putting Sam on trial for it might expose who they are, how much was received and what type of favors were being given to Sam in exchange for those donations.

I don't know if you miseed that part of my previous post, but that list is already out so we already know who received money and how much. Therefore, your argument about them not putting them on trial for that doesn't make sense. Or am I missing something here?

That is a long list with both Democrats and Republicans hehee.

~90% of them being democrats. Not that it matters though, just saying.

[JayJuanGee]

@Rikafip. It might be more to protect the receiver of those funds because putting Sam on trial for it might expose who they are, how much was received and what type of favors were being given to Sam in exchange for those donations.

I don't know if you miseed that part of my previous post, but that list is already out so we already know who received money and how much. Therefore, your argument about them not putting them on trial for that doesn't make sense. Or am I missing something here?

That is a long list with both Democrats and Republicans hehee.

~90% of them being democrats. Not that it matters though, just saying.

I tend to be on the same page as bbc.reporter in regards to the potential motives of not going through with the second trial.. and it is not about Sam.. so much, even though Sam would be on trial, but in any trial, evidence and documents come to the surface and also various spins and public discussion of the topic comes to the surface, which may well lend some questions and concerns about some of the behaviors of various politicians... surely the politicians cannot be completely to blame for  participating in the existent system that allows for various kinds of contributions (that end up being bribery), and likely there are a lot of aspects of the current system that are best not to emphasize in the public. 

We cannot even claim to really know what kind of information would come out, but it seems that the public needs to know about these kinds of matters - even though they system would have not been on trial.. and so they can brush it under the table in the sense that Sam is already likely going to get a decent amount of punishment.. .. yet I would think that many Americans would prefer a bit more transparency - even though there is false drama and false spins around Sam, too.. but we still likely deserve to have this further conduct presented in a court of law...

Oh by the way, on a side note, I recognize the contrary point of view that a large number of potential criminal cases do not get brought upon charges and also that an overwhelming number of criminal charges do end up getting resolved, without a trial.. but the fact that the prosecutors are dropping the political corruption charges still does not seem to be in the public's interest, even though public prosecutors have such discretion to make those kinds of decisions.. just like they have discretion to enter into settlement discussions and to ultimately settle in ways that are relatively way more private than a public trial would have had been.

[bbc.reporter]

@Rikafip. It might be more to protect the receiver of those funds because putting Sam on trial for it might expose who they are, how much was received and what type of favors were being given to Sam in exchange for those donations.

I don't know if you miseed that part of my previous post, but that list is already out so we already know who received money and how much. Therefore, your argument about them not putting them on trial for that doesn't make sense. Or am I missing something here?

That is a long list with both Democrats and Republicans hehee.

~90% of them being democrats. Not that it matters though, just saying.

Without a trial there will not be any digging into more facts or putting it on the focus of public awareness. Also, can the people in the list not be called on the stand to speak the whole truth and nothing but the truth? They cannot commit perjury and they also cannot destroy their political careers.

There are speculations from people on social media that having Sam removed from a second trial was the work of his mother Barbara Fried. It appears that she used the politically sensitive situation to her son's advantage hehe.

[bbc.reporter]

Also, there is the question of what will happen to the receivers of those campaign donations if Sam Bankman Fried is found guilty of political campaign financing violations and for using FTX's customer funds? Should the DOJ call on the public prosecutor's office to start filing cases against those politicians and political groups that have received the funding? This would certainly be a big scandal. It is much safer and easier to drop the cases against Sam.

[NotATether]

The Department of Justice announced Friday that they will not pursue a second trial against Sam Bankman-Fried.

The disgraced founder of FTX was found guilty in November of 7 charges related to fraud and conspiracy.

However, charges related to violating campaign finance laws were dropped in July. A few of these included conspiracy to make unlawful campaign contributions and conspiracy to bribe foreign officials.

Keep in mind that SBF was one of the top Democrat donors. He used money stolen from FTX customers to donate $100 million during the 2022 midterms, and gave tens of millions to dark money groups

Source https://wltreport.com/2023/12/30/biden-doj-gives-top-democrat-donor-sam-bankman/

Don't want people finding out who was financing bigwigs in the DoJ, now do we?  

But at least he already got 10000 years to life sentencing.

[JayJuanGee]

The Department of Justice announced Friday that they will not pursue a second trial against Sam Bankman-Fried.

The disgraced founder of FTX was found guilty in November of 7 charges related to fraud and conspiracy.

However, charges related to violating campaign finance laws were dropped in July. A few of these included conspiracy to make unlawful campaign contributions and conspiracy to bribe foreign officials.

Keep in mind that SBF was one of the top Democrat donors. He used money stolen from FTX customers to donate $100 million during the 2022 midterms, and gave tens of millions to dark money groups

Source https://wltreport.com/2023/12/30/biden-doj-gives-top-democrat-donor-sam-bankman/

Don't want people finding out who was financing bigwigs in the DoJ, now do we?  

But at least he already got 10000 years to life sentencing.

So far, we don't know how many years in prison that Sam is going to get - especially since his sentencing is not until the end of March, so the time between the conviction and the sentencing allows for the gathering, accounting and assembly of perhaps personal information regarding appropriateness of sentence in order that prosecution and defense can make their arguments to the judge, and I suppose in the end, the judge will decide, which seems to be "up to" 115 years at this time (based on the charges that Sam has so far been convicted).

Surely there has been a decent amount of speculation regarding how many years that Sam is ultimately going to get, and since Sam is in his early 30s, I would imagine anything on the higher end of the spectrum of years would result in something close to a life sentence, yet frequently there can be possibilities of parole and/or reductions for good behavior.. and maybe any sentence could be cut in half in terms of time-served.  There are also possibilities for commutation or clemency, which would have to come from the President.

And, of course, as I already mentioned, the charges that were dropped had likely been more in-line with the problematic nature in regards to what kind of information would end up coming out and being mauled around in the public, which surely might piss some people off in regards to the capabilities of newbie rich people, including subsequently discovered fraudulent ones like Sam, are able to gain so much influence so easily, and surely that would both reflect systematic problems but also potential wrong doing of those who were receiving the money.... and it appears that the DOJ has not been considering it in their interest to look into those systematic problems.. at least not in connection with Sam's case, yet I am sure that the ones who were considering the matter and who ended up authorizing the dropping of the charges had been batting around some of the ideas of their mission, ramifications and then if they might end up having to open up additional information based on either information that they already knew or information that would end up coming out in the trial. 

Besides a large number of high level politicians, I surely suspect that Sam's parents and family would have had been drug more into the picture too, if it would have had come to pursuing the political influencing charges.

[bbc.reporter]

@JayJuanGee. It would also be something funny to witness the reaction of the people if Sam Bankman Fried gets a presidential pardon from Biden before he steps down heehehe. If a pardon occurs, I would not he shocked and we would already know that it would be the work of Barbara Fried, Sam's mother who is a very well connected democrat.

[boumalo]

If FTX creditors have 100cent on the Dollar of expected return, the judge may only give him 12 years.

[bbc.reporter]

News update.

Sam Bankman-Fried's parents has filed for a request to dismiss the lawsuit against them. They are also denying in any involvement with FTX and with anything fraudulent that have occured within the exchange.

They also will not return the money that were sent to them by FTX under Sam's management hehehehe.

In any case, are appeals ongoing for Sam's case? The skeptical me reckons that this might also be Barbara Fried's tactics to test what they can do and what type of deals they can make with the government for Sam.



Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried, have asked a court to dismiss a lawsuit by the bankrupt cryptocurrency exchange FTX seeking to recover funds it alleges were fraudulently transferred.

FTX sought to "recover millions of dollars" from Bankman and Fried in September 2023. Less than two months later, their son, Bankman-Fried, was found guilty on all seven charges of defrauding customers and the United States. His sentencing is expected in March.

Source https://www.coindesk.com/policy/2024/01/17/sam-bankman-frieds-parents-ask-court-to-dismiss-ftxs-lawsuit-seeking-to-recover-funds/

[JayJuanGee]

News update.
Sam Bankman-Fried's parents has filed for a request to dismiss thr lawsuit against them. They are also denying in any involvement with FTX and with anything fraudulent that have occured within the exchange.

They also will not return the money that were sent to them by FTX under Sam's management hehehehe.

In any case, are appeals ongoing for Sam's case? The skeptical me reckons that this might also be Barbara Fried's tactics to test what they can do and what type of deals they can make with the government for Sam.

Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried, have asked a court to dismiss a lawsuit by the bankrupt cryptocurrency exchange FTX seeking to recover funds it alleges were fraudulently transferred.

FTX sought to "recover millions of dollars" from Bankman and Fried in September 2023. Less than two months later, their son, Bankman-Fried, was found guilty on all seven charges of defrauding customers and the United States. His sentencing is expected in March.

Source https://www.coindesk.com/policy/2024/01/17/sam-bankman-frieds-parents-ask-court-to-dismiss-ftxs-lawsuit-seeking-to-recover-funds/

There is nothing unusual about any defendant in a lawsuit (whether related to bankruptcy proceedings or otherwise) to request the complaint against them to be dismissed, and it is a kind of standard practice.

[EarnOnVictor]

Also, there is the question of what will happen to the receivers of those campaign donations if Sam Bankman Fried is found guilty of political campaign financing violations and for using FTX's customer funds? Should the DOJ call on the public prosecutor's office to start filing cases against those politicians and political groups that have received the funding? This would certainly be a big scandal. It is much safer and easier to drop the cases against Sam.

I hope the US government will not waste their money on that, it will amount to chasing shadows. Unless there were some shady dealings regarding the money in which it will be within the politician and the party, or they aided in the money laundering by faking to use it for political purposes. If not, there is nothing they can do to them. When the money was disbursed to them, it was presumed to be legitimate money from a legitimate source, or should I say it was legitimate money judging by the standing and reputation of Sam Bankman-Fried himself at that time.

It is just like any rich and popular guy in the US with a multinational company that funds politicians and their elections, just as they always do in the US. They will surely be easily exonerated from any faults. I do not even think the case will point an accusing finger at them as we see now because they are not directly involved.

This is no case submission, it will be easily trashed/thwarted by the judge.

[bittraffic]

News update.
Sam Bankman-Fried's parents has filed for a request to dismiss thr lawsuit against them. They are also denying in any involvement with FTX and with anything fraudulent that have occured within the exchange.

They also will not return the money that were sent to them by FTX under Sam's management hehehehe.

In any case, are appeals ongoing for Sam's case? The skeptical me reckons that this might also be Barbara Fried's tactics to test what they can do and what type of deals they can make with the government for Sam.

Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried, have asked a court to dismiss a lawsuit by the bankrupt cryptocurrency exchange FTX seeking to recover funds it alleges were fraudulently transferred.

FTX sought to "recover millions of dollars" from Bankman and Fried in September 2023. Less than two months later, their son, Bankman-Fried, was found guilty on all seven charges of defrauding customers and the United States. His sentencing is expected in March.

Source https://www.coindesk.com/policy/2024/01/17/sam-bankman-frieds-parents-ask-court-to-dismiss-ftxs-lawsuit-seeking-to-recover-funds/

There is nothing unusual about any defendant in a lawsuit (whether related to bankruptcy proceedings or otherwise) to request the complaint against them to be dismissed, and it is a kind of standard practice.

Is there a chance the lawsuit could be dismissed?  This is a high-profile case and all the eyes are looking on to them. I'd be surprised if it will be dismissed.

However, it was reported that Sam bribed millions to every politician he met and I'm guessing many of them can influence a judge. Since Sam's parents are not returning the money, then that money could go to someone who could flip things around. Sam's family is surrounded by influential people, they could keep battling this case for years and still have millions.

[Rikafip]

Sam Bankman-Fried's parents has filed for a request to dismiss thr lawsuit against them. They are also denying in any involvement with FTX and with anything fraudulent that have occured within the exchange.

Of course they are asking for dismissal and of course that they are denying any involvement in FTX fiasco. After all, SBF kept saying that he is not guilty until the end.  

Is there a chance the lawsuit could be dismissed?  

There is always a chance, the only question is high how high that chance actually is. I would say that chances are realistic since SBF charges related to violating campaign finance laws were dismissed last year, and that's something where his parents (especially his mother) were definitely involved.

[bbc.reporter]

@JayJuanGee, @Rikafip. If Barbara Fried is successful having the cases against her and her husband dismissed, would she also be successful in having the prison time on her son be shortened? I was only implying that if yes, it might also be a yes on Sam's case. Barbara Fried also can use her political connections with the Democrats.

In any case, the most shocking would be a presidential pardon for Sam. This would clearly prove that Barbara Fried is one of the most powerful people behind the Democratic party.

[JayJuanGee]

@JayJuanGee, @Rikafip. If Barbara Fried is successful having the cases against her and her husband dismissed, would she also be successful in having the prison time on her son be shortened? I was only implying that if yes, it might also be a yes on Sam's case. Barbara Fried also can use her political connections with the Democrats.

In any case, the most shocking would be a presidential pardon for Sam. This would clearly prove that Barbara Fried is one of the most powerful people behind the Democratic party.

I doubt that it is fair to mix up separate proceedings, even though facts surrounding separate proceedings could end up being accounted for in Sam's March 2024 sentencing hearing.

Here's a pretty short document that shows the kinds of things considered in determining sentencing.

https://www.ussc.gov/sites/default/files/pdf/about/overview/Overview_Federal_Sentencing_Guidelines.pdf

Many of us likely wonder why it takes so long between conviction and sentencing and in Sam's case it is about 5 months, and there is some discussion in the below thread about Sam's particular situation:

https://law.stackexchange.com/questions/96938/why-does-so-much-time-elapse-between-guilty-verdict-and-sentencing

At the same time, there can be some understanding that at the time of the actual conviction both sides had largely been preparing for merely going through a process to convict or to fight the conviction and they do not know the outcome, yet once the outcome is known, then both sides have rights to put forth evidence for their side of proposing appropriate length of sentence (or other damages/fines), and this could bring up certain kinds of evidence that would not have been very relevant in the initial conviction trial.. even though each side does have some of the information already available to them by the time the conviction comes down, but there still is some fairness in terms of having some time between conviction and sentencing.

Many of us here likely consider that either Barbara Fried (the mom) and/or  Joseph Bankman (the father) deserve both some accountability and exposure in some kinds of ways, and I doubt that the bankruptcy proceeding is going to be so willing to let them off the hook completely, even if they are making arguments to get their portion dismissed.  Of course, president's can pardon in any kind of federal case, and it would be quite shocking to see those kinds of pardons coming from the current presidency, even though anything is possible... but that seems quite outrageous and not very likely, even though within the scope of something that could end up happening.. it's gotta be one of those less than 5% kinds of possible outcomes.

[bbc.reporter]

How much more cryptocoins are they going to sell? Is it possible that they can triple the cash they have on hand by selling more?

This is headshaking because why do they not open an otc market for large dumps? Why do they want to do large dumps on our faces.



FTX is selling off crypto assets and stockpiling cash as bankruptcy advisers prepare to compensate clients whose accounts were frozen in 2022 when the exchange failed, Bloomberg reported.

The firm’s four biggest affiliates almost doubled their cash to $4.4 billion at end-2023 from $2.3 billion in October, Chapter 11 monthly operating reports show, and total cash is probably more if all affiliates were included, the report said.

Source https://www.dlnews.com/articles/snapshot/ftx-is-selling-crypto-and-stockpiling-cash-to-repay-clients/

[EarnOnVictor]

How much more cryptocoins are they going to sell? Is it possible that they can triple the cash they have on hand by selling more?

I think time will answer all these asked questions, however, if FTX and the related advisers and agencies are not careful about this, I only hope it will not be a regret for them. Waiting more might be the right choice at this time. Waiting about a year plus would have given them a better position and liquidity to achieve this. Solana has helped FTX so much which is the reason why the compensation seems to be coming faster than anticipated in contrast to what other similar exchanges did when they went insolvent.

This is headshaking because why do they not open an otc market for large dumps? Why do they want to do large dumps on our faces.

Do you think these people care about the crypto market? I don't think so, all they need is that money and the business around it, and when it is satisfactory already, why not for them? I hope they are clever in this liquidation though it might still have a negative effect on the SOL they so put their trust in if not wisely engaged.

FTX is selling off crypto assets and stockpiling cash as bankruptcy advisers prepare to compensate clients whose accounts were frozen in 2022 when the exchange failed, Bloomberg reported.

This is a welcome development, it means that people will not have to wait for many years with the hope of getting their money back. However, they often call this competition and it is getting a deeper meaning with me. Maybe some will not even get up to 10% of their money, who knows? If the money is big.

[bbc.reporter]

@EarnOnVictor. Are you implying that they do not care about the market? Hehehe because I very much disagree with you. How much tokens they dump will depend on how strong the market is. If they have much more tokens to dump, they cannot simply sell everything and make everyone their exit liquidity. This would make markets weaker and this would also kill some markets with very low liquidity.

However, if you are correct and they really do not care, I reckon they should hehehe.