SBF said: WHAT HAPPENED?

[mich]

Well there is a bankruptcy firm that will decide about future of FTX before end of this year. And there is 3 bidders that FTX is listening to proposals from to restart the exchange.

FTX has recovered already $7 Billion of assets since it did file for bankruptcy last year. https://finance.yahoo.com/news/ftx-negotiating-three-bidders-restart-170159410.html

[1715042455]

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[mich]

Well after lots of testimony from SBF ex girlfriend Caroline Ellison now it is his time to testify. He did testify this past Friday and he talked about that FTX borrowed money from Alameda.

SBF also said he was a introvert and this is why he looked and did dress how he did. https://www.coindesk.com/policy/2023/10/27/sam-bankman-fried-testifies-jury-fraud-trial-ftx/

[mich]

Well the testimony for SBF is not going so well for him. Yesterday in court he said more then 100 times 'I don’t recall', 'I don’t specifically remember', and 'I don’t know exactly what you’re referring to'.
He is saying he does not remember saying things. I do not think the jury is going to believe this man. He can be facing a life sentence.
https://nypost.com/2023/10/30/news/sbf-claims-i-dont-recall-100-times-in-court-then-admits-his-hedge-fund-had-special-access-to-investor-money/

[mich]

Well SBF is found guilty of all the 7 charges of fraud and conspiracy yesterday. It was after 1 month of trial and then his 15 days of testimony.
His sentencing date is on March 28 of next year. He might face maximum of 115 years in prison. I think we are all happy that it turned out for him like that.
https://www.theverge.com/policy/2023/11/2/23943236/sam-bankman-fried-trial-sbf-fraud-guilty

[2chase]

When all this is ends and all the arrested assets belonging to the FTX will be sell on the market, i think this will probably lead to a significant collapse of cryptocurrency prices. Perhaps this will happen just in the spring of next year, after the SBF have a final episode. In any case, we should be prepared for the fact that the bailiffs will begin to sell FTX assets, and it will definitely be a big event on the cryptomarket.

[mich]

Well SBF is going to face 115 years in prison. But there is 2 lawyers that do think it is going to be less time then that. A lawyer who worked for the US Department of Justice named Renato Mariotti thinks SBF will serve only 20 to 25 years in prison.

And another lawyer named Kevin J. O’Brien thinks SBF only will serve 15 to 20 years. It is still a long time but I think people want him to serve a life sentence. 

https://cryptoslate.com/sbf-will-likely-serve-25-years-rather-than-max-sentence-former-doj-prosecutor-says/

[mich]

SBF is now giving his crypto advise to guards in the prison. He shares his unit with Mexico’s former secretary of public security Genaro García Luna. This man was convicted of helping Mexican cartels smuggle cocaine into the U.S.

And also former President of Honduras Juan Orlando Hernández. He is waiting his trial for drug trafficking and firearms charges.

https://finbold.com/ftx-founder-gives-crypto-tips-to-guards-behind-bars/

[DaNNy001]

SBF is now giving his crypto advise to guards in the prison. He shares his unit with Mexico’s former secretary of public security Genaro García Luna. This man was convicted of helping Mexican cartels smuggle cocaine into the U.S.

And also former President of Honduras Juan Orlando Hernández. He is waiting his trial for drug trafficking and firearms charges.

https://finbold.com/ftx-founder-gives-crypto-tips-to-guards-behind-bars/

What ever advice that he is currently giving inmate like him who are awaiting trials should be of his own concern because inorder for him to pull off such a scandal on the general public, for me I think it's high time his case even be addressed so that the crypto community can see to the judgement that will be given to this man. The justice system is somehow when it comes to matters like this and I just hope that with influence of SBF that nothing sleeps under the table when the due time for impounding judgement begins.

[Sophokles]

SBF is a liar and what he has done is unforgivable. Many people lose their hard earned money and life savings in FTX. That person should be in jail for the rest of his life though I heavily doubt that he will face justice. The DOJ is already favoring him for his crime due to his influential parents. His crime should be an example in cryptographic history. If binance and CZ face a high penalty fine for their crime when they didn't lose any investors money then what SBF should have as punishments?

[Kounter]

Breaking News: Sam Bankman-Fried is now trading fish to pay for services in prison



It didn't take long for the former crypto-billionaire Sam Bankman-Fried to learn the economic system of New York's Metropolitan Detention Center.

The disgraced founder of the crypto exchange FTX has been keeping busy by swapping food items in exchange for services as he awaits sentencing on seven felony counts that include wire fraud and conspiracy to commit money laundering.

The new polished haircut he has been seen with in New York courtrooms appears to be thanks to an inmate. In a Thursday report, a source told The Wall Street Journal that SBF paid for a haircut with packaged mackerel, a type of pelagic fish that is a choice of currency among inmates.

It's no surprise that the former trader would quickly catch on to the commodity of choice in his new environment. He has been a professional trader for much of his career. In 2013, he got his first intern gig at Jane Street Capital, swapping exchange-traded funds before cofounding his crypto-trading firm Alameda Research in 2017. A year later, he figured out how to arbitrage bitcoin between the US and Japanese markets.

The fish, popularly referred to as "macks" among inmates, had been the choice of currency in federal prisons since 2004 after cigarettes were banned, sources told the Journal in 2008.

The formerly incarcerated attorney Larry Levine accepted it as a form of payment from fellow prisoners he represented while serving his own sentence at the Lompoc correctional institution in California, the Journal previously reported. He then used them to pay for personal-upkeep services such as beard trims and shoeshines from inmates, the outlet added.

Global Source Marketing, a supplier of the fish, told the Journal in 2008 the trend had become so popular that it felt the increased demand.

There's economic logic behind the trend. Products that have steady value, such as certain food items and stamps, are used as a steady means of exchange to substitute for currency, which inmates cannot access. Food items such as mackerel and tuna are stable commodities with a value that can be pegged to the dollar.

Bankman-Fried, who's set to be sentenced on March 28, 2024, faces up to 110 years in prison for the fraud charges brought against him, but they're only part of the charges he's facing. He's also set to stand trial for separate counts related to political bribery.

https://www.businessinsider.com/ftx-ftx-trading-fish-in-prison-for-services-crypto-2023-11

[mich]

SBF is a liar and what he has done is unforgivable. Many people lose their hard earned money and life savings in FTX. That person should be in jail for the rest of his life though I heavily doubt that he will face justice. The DOJ is already favoring him for his crime due to his influential parents. His crime should be an example in cryptographic history. If binance and CZ face a high penalty fine for their crime when they didn't lose any investors money then what SBF should have as punishments?

Well I do think that SBF is going to get a very big punishment. I think he will have to face the justice that he does deserve. And it will not matter about his parents.

But this is I think very different then CZ. Because CZ did not steal from any people. I think this is the different reason why it was ok for CZ to pay $175 Million in a bond.

[mich]

Well I do not think it will be any shocking for you to learn this. A former prisoner in same jail told told crypto blogger Tiffany Fong SBF was the target of a extortion attempt.

I do not think we all thought he would do very good in jail. He is a young man who will not defend himself from the other inmates. It is so bad now he is on a suicide watch.

https://www.newsbtc.com/ftx/disgraced-ftx-co-founder-placed-on-suicide-watch-in-prison-reveals-former-inmate/

[Mate2237]

What happened to SBF affect many investors in the cryptocurrency ecosystem and that made many people go into bankruptcy and some were even afraid to invest in Bitcoin not crypto again. As for the Samuel Benjamin Bankman-Fried aka Futures Exchange (FTX) after the lawsuit against the founder and the company, I have not heard anything again. Though the news too was not like at the first time again when it was trending online. And these days I am not even seeing or hear from it again.

And if he is in prison then it will be very bad of him because he is still a young guy who supposed to enjoy his youthful age but spending it in jail. I really pity for him.

[batang_bitcoin]

Breaking News: Sam Bankman-Fried is now trading fish to pay for services in prison

If this is for real, I think that he doesn't even to deserve eat fish with what he's done to the people so that he won't get that and won't be able to trade anything for it. Well, he's got served a sentence already and can be said of a lifetime so that makes sense and whatever he's going through on jail or wherever he is right now, people that have gone all of their money and probably some investors are real fisherfolks and have traded everything they can to trade and invest on FTX is like a cycle on his end.

[mich]

I do not know any person who does feel some pity for him. He is a youthful age but he will be treated like a man for the bad things he did to the people that lost all their money.
SBF did now choose to not file post-trial motions. His sentencing is in March so now the prosecution could be thinking it is best for them for a second trial.
https://coingape.com/sbf-trial-bankman-fried-chooses-not-to-file-post-trial-motions/

[mich]

Well now there is a photograph of SBF that I seen going around. They call him 'gangster' in jail and do say he is weird.
I do not know if this man is going to survive 15 years in there. He looks like a weak man and we know it is not easy for him to live in there.
https://nypost.com/2024/02/20/business/sam-bankman-fried-pictured-in-jail-poses-alongside-ex-gang-members/

[mich]

Well now SBF is mad and he is going to go for the famous people that ftx paid. Those people include Stephen Curry, Shaquille O’Neal, Naomi Osaka, Tom Brady, and comedian Larry David. 

But these famous people might not be liable for any damages that ftx and alameda research did cause. https://au.news.yahoo.com/disgraced-crypto-bro-sbf-turn-175107293.html

[Albarq]

We shouldn't trust our money to these sociopaths. Just read the news reminder at the top that was written by theymos, there's nothing nice that's do than that right now. I wish he'll be convicted over that mismanagement as well as his team.

I see SBf people who take advantage of the situation with full calculation as if they are free to do what they want without being caught and have the ambition to drain it all by funding events and make donations to politicians with pride, but in the end they fall down destroying people's hopes and end up going to prison according to what they did.