[Updated] FTX

[EarnOnVictor]

@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.

Let me say that time will judge on this, and I insist that most of these companies do not care, they are only doing business with cryptocurrency and they will tell you emphatically if you are privileged to meet them that they are businessmen. I do not disagree with them or have any odd feelings about that, after all, we all have reason to own our coins and we have the right to dump them at any time we desire, with whatever reason that could have caused that.

But HODLing for that decades' sustainability will never happen. The handwriting and desperation are clear for FTX but it's fine if you have not seen it yet. I see it already and they are only waiting for the right time to dump big time. Of course, if you are the one and know that the market is still promising in the future due to halving, won't you wait? This is what they are doing now, but in less than 2 years, you will see how they will dump big time. This is partly for obvious reasons, but still, they will find a way to buy at lows again and the game continues.

[bbc.reporter]

Comedy news of the month!

It appears that Sam Bankman Fried is not only using sardines as currency in prison, he has also begun giving financial advice to prison guards hehehehe. I reckon on 2025 he might be the first CEO to create a startup in prison and his angel investors are the gangs and the guards.



Sam Bankman-Fried, the once-prominent figure in the crypto industry and founder of the collapsed crypto exchange FTX, has made unexpected claims while behind bars. From the confines of the Metropolitan Detention Center in Brooklyn, where he has been held since last summer, Bankman-Fried has reportedly been promoting investments in Solana (SOL), according to sources familiar with the matter.

Sam Bankman-Fried currently faces a looming sentencing date after being convicted of charges related to the collapse of FTX. He has apparently been active in discussing crypto market trends with detention center staff. Despite his legal battles and the uncertainty surrounding his future, he has been sharing tips on investments in Solana to the guards.

Read in full https://coingape.com/sam-bankman-fried-shilling-solana-in-jail-what-could-go-wrong/

[JeromeTash]

Several months after the KYC verification deadline that was stated in their documents, I received yet another similar email demanding that I complete my verification to be able to file for the claim. I still don't understand why they still ask for KYC even when the deadline has passed. Who else who had an account with FTX recently received a similar email

[bbc.reporter]

Several months after the KYC verification deadline that was stated in their documents, I received yet another similar email demanding that I complete my verification to be able to file for the claim. I still don't understand why they still ask for KYC even when the deadline has passed. Who else who had an account with FTX recently received a similar email

Did you submit everything on the first email? This might be a verification of the first email verfication very much similar to Justin Sun's announcement of an announcement hehehe. I will also check if I have received emails from FTX. I have not logged in to that email since the bankruptcy and I did not concern myself because all of my cryptocoins deposited in FTX I lost in holding 3x leveraged tokens hehehehee. This was a very bad decision.

[ABCbits]

Comedy news of the month!

It appears that Sam Bankman Fried is not only using sardines as currency in prison, he has also begun giving financial advice to prison guards hehehehe. I reckon on 2025 he might be the first CEO to create a startup in prison and his angel investors are the gangs and the guards.

--snip--

That news also mention the lawyer attempt to reduce his prison term from up to 110 years to only 5-6 years. It turns out the lawyer use autism as excuse (just like what CSW did) for appeal.

In a high-profile case that has garnered considerable attention, Sam Bankman-Fried, the disgraced CEO of the now-bankrupt FTX crypto exchange, is seeking a lighter sentence, citing his autism spectrum disorder.

Bankman-Fried’s lawyers argue that his condition makes him “uniquely vulnerable” in a prison environment and should result in a reduced sentence of five to six years instead of the maximum 110-year term recommended by sentencing guidelines.

Source: https://bitcoinist.com/sam-bankman-fried-cites-autism-disorder/.

[franky1]

Comedy news of the month!

It appears that Sam Bankman Fried is not only using sardines as currency in prison, he has also begun giving financial advice to prison guards hehehehe. I reckon on 2025 he might be the first CEO to create a startup in prison and his angel investors are the gangs and the guards.

--snip--

That news also mention the lawyer attempt to reduce his prison term from up to 110 years to only 5-6 years. It turns out the lawyer use autism as excuse (just like what CSW did) for appeal.

In a high-profile case that has garnered considerable attention, Sam Bankman-Fried, the disgraced CEO of the now-bankrupt FTX crypto exchange, is seeking a lighter sentence, citing his autism spectrum disorder.

Bankman-Fried’s lawyers argue that his condition makes him “uniquely vulnerable” in a prison environment and should result in a reduced sentence of five to six years instead of the maximum 110-year term recommended by sentencing guidelines.

Source: https://bitcoinist.com/sam-bankman-fried-cites-autism-disorder/.

people on the real spectrum, like full on autistic would be vulnerable because even a change of scenery can bring on panic attacks, tantrums and self harm and crap. and due to non-social skills would be prey to other offenders.

usually if a sentance ends up causing cruel and unusual punishment then they are considered for other punishments like non custodial punishments, such as home arrest, ankle bracelet and curfews. and im sure thats what his lawyers are pushing for, if they can first get the magnitude of charges reduced to a category of only equivalent of a few years prison instead of life in prison

but those 2 fraudsters are not even on that end of spectrum if on the spectrum at all..
(hopefully the judge sees that they are functional, to not be in the vulnerable category)
(if they didnt need a padded cell and straight jacket in jail, then they are not 'self harm'/'cruel unusual punishment' vulnerable in prison)
(if they managed businesses as CEO outside jail, then they are not 'prey to other offenders' vulnerable in prison)

but with that said i expect to hear ScamBankmanFraud's lawyers to say things like "non-violent crime" "not a threat to community" "first offence" "XX% victims made whole" to get the severity level of category of sentencing reduced..
requests of doing time concurrently(multiple charges over same short time) as oppose to consecutively(one after the other) to get sentence time amount reduced.. and then play the autism card to get the sentence converted/commuted to some silly community probation/home arrest plan

[bbc.reporter]

Comedy news of the month!

It appears that Sam Bankman Fried is not only using sardines as currency in prison, he has also begun giving financial advice to prison guards hehehehe. I reckon on 2025 he might be the first CEO to create a startup in prison and his angel investors are the gangs and the guards.

--snip--

That news also mention the lawyer attempt to reduce his prison term from up to 110 years to only 5-6 years. It turns out the lawyer use autism as excuse (just like what CSW did) for appeal.

In a high-profile case that has garnered considerable attention, Sam Bankman-Fried, the disgraced CEO of the now-bankrupt FTX crypto exchange, is seeking a lighter sentence, citing his autism spectrum disorder.

Bankman-Fried’s lawyers argue that his condition makes him “uniquely vulnerable” in a prison environment and should result in a reduced sentence of five to six years instead of the maximum 110-year term recommended by sentencing guidelines.

Source: https://bitcoinist.com/sam-bankman-fried-cites-autism-disorder/.

Similar to what I have speculated before and what was implied by some of these news articles, it would not be shocking if Sam is sentenced on a much shorter time in prison or if he is pardoned after a short time in prison. There might be 2 strategies for Barbara Fried. Use her connections with the Democrats to help her son or if a Republican becomes a president on November, create a deal with the Democrats' political enemies to help her son.

This might be headshaking for all of you, however, this is a mother who will do everything to help her son from spending all of his life in prison. In any case, if Sam is freed and creates another exchange, I will deposit some coins and show everyone the screenshot hehehehehee.

[Becassine]

I reckon on 2025 he might be the first CEO to create a startup in prison and his angel investors are the gangs and the guards.

It would be a bit hasty to forget Madoff, who was doing business in prison.

Bernie Madoff is Now the King of Prison Hot Chocolate
Ten years ago, Bernie Madoff was dealing with Swiss banks. Now he’s dealing in Swiss Miss, selling hot chocolate he’s stockpiled from the prison commissary.

https://www.vice.com/en/article/mgke38/bernie-madoff-is-now-a-prison-hot-chocolate-kingpin

[bbc.reporter]

I reckon on 2025 he might be the first CEO to create a startup in prison and his angel investors are the gangs and the guards.

It would be a bit hasty to forget Madoff, who was doing business in prison.

Bernie Madoff is Now the King of Prison Hot Chocolate
Ten years ago, Bernie Madoff was dealing with Swiss banks. Now he’s dealing in Swiss Miss, selling hot chocolate he’s stockpiled from the prison commissary.

https://www.vice.com/en/article/mgke38/bernie-madoff-is-now-a-prison-hot-chocolate-kingpin

Hehehehe selling hot chocolate that he stockpiled from the prison commissary. I give respect to this man and I reckon if he was given more years in prison, he might have monopolized the hot chocolate market in prison heheh. Also, I was only joking on Sam creating the first startup on prison. However, Sam might also have stockpiled SOL that he can sell to the people on prison.

In any case, news update, federal prosecutors have said that Sam should be sentenced for 40 to 50 years. He will be sentenced on March 28.



Federal prosecutors said disgraced former FTX chief Sam Bankman-Fried, convicted in November in a multibillion-dollar fraud case, should spend 40 to 50 years in prison, the New York Times reported.

Bankman-Fried, who faces a maximum of 110 years, is to be sentenced on March 28.

“Justice requires that he receive a prison sentence commensurate with the extraordinary dimensions of his crimes,” the prosecutors said in a filing to Judge Lewis A. Kaplan.

Source https://www.dlnews.com/articles/snapshot/prosecutors-want-sbf-to-serve-40-to-50-years-in-prison/

[JayJuanGee]

So.. yeah we are looking forward to tomorrow and the sentencing of Sam.. and so quite a bit of curiosities regarding what ends up being the sentence.

Don't get me wrong, but I don't really like Sam, and I think that he is pretty damned close to a total fraud, yet I think that Professor Jonathan Lipson makes a lot of very good points about how Sam's law firm (Sullivan & Cromwell and Quinn Emanuel Urquhart & Sullivan) (and perhaps John J. Ray, too?) pretty much threw Sam under the bus and engaged in a lot of problematic behaviors when they both took over the FTX and also failed/refused to allow for an examiner, until recently.. and so now that an examiner is going to be assigned to FTX, that same lawfirm is likely going to continue to cover up the extent to which they were responsible for some of the problems with FTX.. and they ended up engaging in a cover-up...

What a bunch of bullshit that there are so many injustices in the world, and sure probably Sam is quite culpable, but there may well be several of the lawfirm folks and perhaps the trustee who are also criminally responsible too.

You can listen to Jonathan Lipson discuss these matters for about 45 minutes in Michael Lewis's Judging Sam podcast.

[Rikafip]

So.. yeah we are looking forward to tomorrow and the sentencing of Sam.. and so quite a bit of curiosities regarding what ends up being the sentence.

He just got sentenced to 25 years in prison, while prosecution asked for at least 40. I must say that I expected even more considering the amount stolen and everything that he did, but 25 years is not bad either.  And I sure hope they won't stop there as he could have done it all by himself.

Twitter thread that followed the sentencing https://twitter.com/innercitypress/status/1773376299626574125

[bbc.reporter]

@Rikafip. It is headshaking that these mainstream news media outlets were declaring lifetime imprisonment for Sam very much similar to the hot chocolate man Bernie hehehe. However, presently this 25 years sentence appears that he might be free within 10 years because of his parents political connections with the government.

In any case, I have not been following the news updates on Caroline and Gary Wang. I reckon if Sam has gotten only 25 years, they will get no prison time for being witnesses?

[Rikafip]

However, presently this 25 years sentence appears that he might be free within 10 years because of his parents political connections with the government.

I read somewhere that least he could serve is 12.5 years (if he gets all possible deductions) so you are not that far off, unfortunately. Still, I remember you (and many others here) speculating that he will end up getting acquitted so even 25 years is not that bad.

In any case, I have not been following the news updates on Caroline and Gary Wang. I reckon if Sam has gotten only 25 years, they will get no prison time for being witnesses?

I guess so, otherwise I doubt that would plead guilty so easy.

[bbc.reporter]

@Rikafip Yes, I overestimated Barbara Fried's power and her connections with the democratic party and the American government. However, it appears that she has done her best in giving her son the shortest prison sentence. Also, you are correct. No judge would give Sam an acquittal. This would cause skepticism on the fairness and the honest of the case. They need to create a show that the American justice system works.

[Rikafip]

However, it appears that she has done her best in giving her son the shortest prison sentence.

I wouldn't call 25 years the shortest sentence possible as I read that his lawyers asked for like 6-7 years. Its definitely not enough considering what he has done, but 25 years is no joke either.

They need to create a show that the American justice system works.

Well, it probably works better than in vast majority of other countries. If that happened in Croatia (and in many other countries), trial would drag on for many years and in the end he woiuld get few years in the lowest possible security prison where he would go out every weekend.

[boumalo]

However, it appears that she has done her best in giving her son the shortest prison sentence.

I wouldn't call 25 years the shortest sentence possible as I read that his lawyers asked for like 6-7 years. Its definitely not enough considering what he has done, but 25 years is no joke either.

They need to create a show that the American justice system works.

Well, it probably works better than in vast majority of other countries. If that happened in Croatia (and in many other countries), trial would drag on for many years and in the end he woiuld get few years in the lowest possible security prison where he would go out every weekend.

He prob could have gotten a deal for 15 years when he was still in the Bahamas.

[albon]

Update:

After two years following the collapse of the FTX exchange, The court presided over by the U.S. bankruptcy judge has approved FTX's reorganization plan and bankruptcy to fully repay its creditors $16 billion worth of recovered assets in cash along with interest [98% of creditors have been approved to receive 118% of their claims in cash]. Following this news, the price of the FTT token rose, reaching $3.

Source:
[1] https://x.com/FTX_Official/status/1843373772583457005
[2] https://www.prnewswire.com/news-releases/ftx-receives-us-bankruptcy-court-confirmation-of-its-plan-of-reorganization-302269152.html
[3] https://coinmarketcap.com/currencies/ftx-token/

All information related to the plan and bankruptcy court filings can be found at https://restructuring.ra.kroll.com/FTX

[Kavelj22]

Update:Following this news, the price of the FTT token rose, reaching $3.

There are many users wondering how the Ftx token is still in circulation and thus investors have not lost confidence in it despite everything that happened with the exchange.

This is a unique and really interesting case because it is assumed that there is no longer any use case for the token after the platform stopped operating and its CEO was tried. The price of the original currency fell to the bottom in November 2022 after the announcement of the platform's bankruptcy, but despite that, some investors kept their assets and some of them bought that currency at the lowest possible price at the bottom. The only explanation for this is that the bankruptcy does not blind the complete collapse because there are accusations against the founder of the platform that must be proven in court and also the assumption that a new version of the exchange will be relaunched. That is, if it is announced that the charges against the founder of the platform have been dropped, even if its bankruptcy is announced, the movement of the token price will recover, and the matter will become very profitable for investor traders if a plan to relaunch the platform with a new version is announced.

All the accusations against the CEO of the platform have been confirmed and the project has not been announced to be revived. However, the token remained in circulation on most platforms due to its independent system thanks to the blockchain features and was used as a trading tool and nothing more, i.e. without any use cases, just like memecoins. Now it has jumped again after the announcement of compensation for those affected, but there are real fears that the token will be frozen and its value will be used within the framework of the compensation program for those affected, which will cause it to lose any value it still has after everything that happened.