When will Sam Bankman-Fried go to jail?

[2stout]

I was thinking he wouldn't do any jail time like karpeles; however, he seems to have had his hand in things a bit more, plus I believe "authorities" are looking to make an example out of someone, considering the most recent debacles.

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[serjent05]

I was thinking he wouldn't do any jail time like karpeles; however, he seems to have had his hand in things a bit more, plus I believe "authorities" are looking to make an example out of someone, considering the most recent debacles.

If ever there would be someone, I think it will be Do Kwon  .  With the connection of SBF, it is quite hard to think that he will be serving jail soon.  At most I think the case will take a decade to proceed.  The case had shown several irregularities already, even saying that the hack was ordered by the authority, lol.  I was like wth was that news?  Anyway, I think SBF had put the money of his victime wisely, getting him several strong political backers that can possibly hinder the investigation or derail the subject of interest.

[The Great Kardoko]

Just my guess, but no jail time. However, we don't even know exactly what happened yet either so who knows.

[Minecache]

Governments have always advised their citizens, to be responsible with their own assets if investing in cryptocurrencies as it is a risky market and there is no regulation on it and in this case, I would be quite surprised if SBF goes to jail, there is no binding law for what he did, that is the risk we take when getting into crypto. If you lose money because FTX crashes, it's your fault, not the government's fault so don't ask them to do anything for you.

[DapanasFruit]

Together with his former girlfriend Caroline of Alameda, I am hoping that Sam Bankman Fried will be punished with frying chicken in the jail where he will be landing on after years of litigation...just like what happened to Elizabeth Holmes another scammer to the tune of billions of dollars duped from people whom we assumed should know better. Same scenario...hopefully same results. I know that he had been a big donor to many politicians but if the government is serious in regulating this industry then cases should be build against the man and he should be spending time in jail. We don't need Sam or anybody taking the same path for the crypto industry. Sam is now synonymous with collapse and certainly should never be allowed to do business with cryptocurrency.

[Victorik]

I think it will be day dreaming to expect that SBF will even be persecuted let alone serving any jail term.


I think that's the major issue with cryptocurrency, so many people lost a their life savings due to the action of just one singular person, and there he is going scot-free.
People should be made to answer for their crimes

[franky1]

there are legal means of a business, taking in funds from customers. and not giving the customers anything in return

however busniesses need to have met a legal threshold of having to make customers aware that there is a risk of losing all their deposits and that when they are putting money/asset into something they are handing all ownerchip, possession and control of that money/asset over to ownership by the business

thus anything after the deposit is no longer anything to do with customers, and customers have no redress/option/involvement/chance of recouperation

there is also the charade buddy system of links to political entities. EG scam bankman frauds family know someone who know someone in the CFTC and SEC and also in both the trump and biden camps(should future elections shift party and this bankrupts drama stretch out beyond 2024)

..
with both that said.
its not CFTC or SEC that will hammer SBF(if its an option) its the FATF(financial action task force) that will do the hammering

also those friends of friends in SEC/CFTC may want to distance themselves by actually getting involved to find/give evidence to help prosecute him as their way of saying their job/integrity mean more then loyalty to friends in their personal lives

all in all. it can swing both ways legally and lawfully. only time can tell.

we all want to see scam bankman fraud in prison. but when it comes to business law of contracts etc. certain deals can be done to make sure a brand gets destroyed without punishing the human that made the brand

[Yatsan]

When will Sam Bankman-Fried go to jail?

Do Kwon is in jail? no, he is not! And I guess that Sam won't go to jail either.

~
What's wrong is that one crook has stolen honest people's money to make shady investments.

The problem is also with the honest people, why do they trust the exchanges so much, and why do they hold all their funds there. Exchanges are for buying/selling not for holding.

Definitely he won't. First reason is those who will be filing a case not only to Sam but also to owners of the said exchanger. This is blockchain,it would be hard for authorities to find the authenticity of the claimants or those who would file the case. We've seen many of these over years. There are many scam projects, tokens and the likes but why are there no convicted (if there are, probably a few). This is because this technology is separated from states still since no regularization still is happening. So I do also think that those who are really accountable for this would go to jail. There would be a lot of procedures, think of how many users were affected.

[kamvreto]

It will be a miracle if he does any jail time, let alone spending many years in prison. After all, he didn't sponsor both Democrats and Republicans for no reason.

Maybe he will only be jailed for 1 or 2 years, we all know who is behind SBF and of course, that is the reason why SBF is still enjoying his life today.
but can jail time restore the market to normal and return FTX investors' losses? of course it won't change the situation, everything has happened and we have to accept it.


This is his 32nd speech. he says nothing matters except doing his best for all FTX customers. But, what is the best for now, and what developments has SBF made for its customers? are the customers getting their profits back, or are they just trash at FTX? LOL.

[franky1]

are the customers getting their profits back, or are they just trash at FTX? LOL.

profits?
Nope not getting them back.

first of all.
even if running a legit service.
imagine 1million people depositing about 0.4btc average each in january
=400k coins.
 ( where $50k/btc valuation in jan=$20k per 0.4 = $20bill value combined)

 getting a fiat reimbursement. wont be $20k for their 0.4btc. it would be of at most $6.6k this month (this month valuation is $16.5k/coin)

however
if running a shady business
 if there were 400k coins in deposit. and they can only find say 40,000 then that is a 10% on return. meaning that $6.6k turns into $660

that $660 however will be further diluted by legal fee's and other creditors with priority over customers.

so your $20k average investment turns into well under $500 return..
but thats IF they can even find say 40k bitcoin to divide up before fee's

[S A KHAIR]

Do you remember Dokwon? and now he is still sunbathing on some luxurious beach with investor's money. Then there is no reason because SBF will go to jail, cryptocurrency has no government protection, when we participate in investment, we will be responsible for our own decision.

[Beparanf]

Do you remember Dokwon? and now he is still sunbathing on some luxurious beach with investor's money. Then there is no reason because SBF will go to jail, cryptocurrency has no government protection, when we participate in investment, we will be responsible for our own decision.

Yeah, That guys is legendary, Actually this is the perks on doing a heist on crypto since you can store your assets on wallet that doesn’t reveal your ownership. Do Kwon probably might face jail time if the many people affected is living on same country to him. There’s no one pursuing the case besides the authorities who’s doing there own investigation. Without a complaints, this jerk will be free forever.

Same with Sam, there’s no evidence that he steal money since all the allegations has no clear proof and democrats is involved which means he is safe until a republicans will sit on the white house. Only bankruptcy is the only thing we can expect as the outcome on this drama and no jail time same as Do Kwon.

[Flexystar]

Nothing will happen if that guy is kept behind the bars and I highly doubt there will be any law suit against him. All they will justify that it's due to lack of security, lack of planning and bla bla stuff in front of the court and get out immediately with a bail. Anyways Senator will get paid huge $$ so he might easily get away with this.

If so, then Elon should be behind the bars, may be other billionaires too who are playing the fishy games in the name of decentralization in the crypto space. Sadly, it is also beneficial for common user however it's curse when it comes to the jurisdiction because there are simply no control no regulations.

Hopefully we will get the justice someway other. Because one might go in jail and another will stand up and start the work.

[_BlackStar]

There's only one solution to restore people's confidence. Put the bad guy in jail for a long, long time.

I'm not sure that's the best solution, but maybe it's one that is expected.
I don't think the FTX issue is going to make people's trust in bitcoin down, but the impact is definitely being felt as FUD over FTX has sent most people into a panic. Even if someone is jailed due to FTX case then fraud will never stop in this industry and users are obliged to have good solution. Every asset owner should store their assets in wallet, not an exchange nor should they trust centralized exchange 100% for their long term storage.

Punishment is simply a consequence for those found guilty, but I don't believe it will do much for the people who are losing to the current FTX. Lots of people have lost money and I'm not sure they will be compensated.

[TimeTeller]

There's only one solution to restore people's confidence. Put the bad guy in jail for a long, long time.

I'm not sure that's the best solution, but maybe it's one that is expected.
I don't think the FTX issue is going to make people's trust in bitcoin down, but the impact is definitely being felt as FUD over FTX has sent most people into a panic. Even if someone is jailed due to FTX case then fraud will never stop in this industry and users are obliged to have good solution. Every asset owner should store their assets in wallet, not an exchange nor should they trust centralized exchange 100% for their long term storage.

Punishment is simply a consequence for those found guilty, but I don't believe it will do much for the people who are losing to the current FTX. Lots of people have lost money and I'm not sure they will be compensated.

If in case they will be compensated especially those top 50 creditors, it will be long time as lawsuit and hearings would take a great deal of time.
However, this current crypto-exchange failure shows that it can really influence the movement in the market.
This may not be long, but right now, we are seeing its immediate effect on bitcoin's price.
For believers, this is a very nice opportunity to collect more satoshis. It is now how crypto users are reacting on this recent fallout.
But I don't think SBF will go to jail very soon, because this will be a long duration of discussion and hearings, possibly, the authorities may ask him to pay those stakeholders affected.

[countryfree]

Everything I've read about the case says there was a fraud, and that there are Americans among the victims. Fortunately, I'm not among them, but I'm expecting the victims to sue. FTX shall be, and must be prosecuted.

Actually, it would be a test for justice versus exchanges. Cryptocurrencies will remain wild, but exchanges must follow regulations.

Many people stated that Sam Bankman-Fried has connections, and that's right, but I've read its victims are Coinbase Ventures, Sequoia Capital, Paradigm, Softbank, pretty big guys. They can afford the best lawyers, and I hope they will. It's not only about recovering their money (chances are poor when it comes to that), but setting a precedent so that exchanges behave in the future. The crypto world expects that. I'm sure BTC would go up 10% in an instant, if Sam Bankman-Fried was jailed.

[The Cryptovator]

Do you believe that sending someone to jail will cause market movements to switch? It makes no real difference who he is, and he formed so much drama. Already, it has had a massive negative impact on the crypto market; if Sam Bankman-Friedgo is put in jail, the situation will worsen. It will not be good for the overall crypto industry. There is nothing wrong with Bitcoin, but the situation has ended up causing people to panic.

[franky1]

Do you believe that sending someone to jail will cause market movements to switch?

it sends a message to other boiler room scammers and crap-sites that activities like scam bankman frauds activities are not free to do. that people will get punished. it may sway other scammers to think twice.
and also make legit services become more legit to avoid mistakes that may cost them a punishment

[BitDane]

Do you believe that sending someone to jail will cause market movements to switch? It makes no real difference who he is, and he formed so much drama. Already, it has had a massive negative impact on the crypto market; if Sam Bankman-Friedgo is put in jail, the situation will worsen. It will not be good for the overall crypto industry. There is nothing wrong with Bitcoin, but the situation has ended up causing people to panic.

I disagree.  It would be good for the situation if SBF is put in jail. Why?  Because it gave an example for those who think they can play with crypto and scam people because it is hardly regulated by the government.  Somehow scammer will have a second thought to establish company that will scam people.  In short, there will be less people like SBF that makes fool of their investors.

[countryfree]

Mr Bankman-Fried's team spent roughly $300m on holiday homes and property for senior staff.

From: https://www.bbc.com/news/business-63720310

That is a fraud! To the average guy, BTC has a bad reputation. Sending Sam Bankman-Fried to jail would improve things. It's important that people don't see the crypto world as the wild, wild west, and that there are rules.