When will Sam Bankman-Fried go to jail?

[franky1]

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.

this though we know is fraud. however can easily be explained away as legitimate homes purchases using their own trade fee income

EG yearly volume was $627b and trade fe of 0.1%=$627m
thus they can say the homes were bought for about 6months of company profits

however. if other big spends are found. where all the totals of frivolous spending exceed $627m a year.. then they have to explain where they got the money from

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[worle1bm]

Is there any proof that he is reason why people lost their money? I am not very sure. I feel like he mainly spent his last days to clear his name, portray himself as saviour of FTX customers. It didn't work in the end but yeah he tried hard. I feel like he will definitely be up in court probably accused of mismanagement but as he didn't run away I feel like he has strong evidence pointing something other.

He was the CEO of the company and have full disclosure to the funds reserves but still trying to gain more profits without even rectifying the mistake which can cause people loose money so do you still think he is innocent? Speaking about running away then he is under authorities charge at this time because he didn't get chance to run away otherwise he would have done it earlier also.

[DanWalker]

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.

It would have been better if he went to jail for what he did, but that's not going to happen. Currently, crypto is not regulated and the government always recommends that participating in crypto is very risky, participants should be responsible for their own decisions. Because of that loophole, SBF or Dokwon and many other scammers easily performed fraud without fear of consequences. The first hearing on the fall of FTX took place today, but as long as there is no regulation I believe the government does not have enough evidence to imprison him.

[Hydrogen]

Years ago, there was a journalist who snuck into a private party for wallstreet. He published a news article on his experiences at a major news publication.

According to the story, wallstreet throws parties where they do nothing but make fun of those in poor to middle class income brackets. This could be an integral and intrinsic aspect to wallstreet culture in the modern era. To an extent, we may have witnessed this with Bankman's initial twitter troll responses. As well as the lengths being taken to rub the FTX scandal in the public's face.

It has also been claimed over the past 15 years that modern day CEOs are often selected for having sociopathic tendencies. Business and finance are viewed by some as existing in a perpetual state of war. Whatever morality and ethics that exist in the business world could be in a steady state of decline.

[AmoreJaz]

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.

It would have been better if he went to jail for what he did, but that's not going to happen. Currently, crypto is not regulated and the government always recommends that participating in crypto is very risky, participants should be responsible for their own decisions. Because of that loophole, SBF or Dokwon and many other scammers easily performed fraud without fear of consequences. The first hearing on the fall of FTX took place today, but as long as there is no regulation I believe the government does not have enough evidence to imprison him.

that is the loophole in the current crypto market. this is why a lot are encourage to screw their investors because they can easily get away with it. however, what i like about SBF is he faced the public and admit his mistakes. i just hope that he will return some of the money to his investors.

[milewilda]

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.

It would have been better if he went to jail for what he did, but that's not going to happen. Currently, crypto is not regulated and the government always recommends that participating in crypto is very risky, participants should be responsible for their own decisions. Because of that loophole, SBF or Dokwon and many other scammers easily performed fraud without fear of consequences. The first hearing on the fall of FTX took place today, but as long as there is no regulation I believe the government does not have enough evidence to imprison him.

One of the cons honestly when dealing up with something which it isnt really that regulated.There's no way that they could really apply out any laws or regulations which could imprison someone on what they had done.
Its true that these fraudsters and scammers do really that too confident because they do know about that part.Honestly, we dont know on whats the set up for this but people would just
eventually forget these issues and would really be moving on and would be going back on where they are before. People never ever learn when it comes on using up platforms
and storing up their money on these 3rd party which it is really bringing up the huge risk below.

[countryfree]

I've been very happy to read that the Financial Times has pretty much the same opinion as I have.

https://www.ft.com/content/470ce8e8-0e5d-4fe4-8b62-08eb0749da9c

As long as there are exchanges, it's essential that people can trust them. We can't say if the bad guy will end up in jail yet, but justice's on the way.

[Geremia]

1."losing value"??
a. forget the market price. […] value has been on a slow constant rise.

Amen. Bitcoin is a deflationary currency by design (21 million hard limit), so it's always increasing in value.

[DanWalker]

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.

It would have been better if he went to jail for what he did, but that's not going to happen. Currently, crypto is not regulated and the government always recommends that participating in crypto is very risky, participants should be responsible for their own decisions. Because of that loophole, SBF or Dokwon and many other scammers easily performed fraud without fear of consequences. The first hearing on the fall of FTX took place today, but as long as there is no regulation I believe the government does not have enough evidence to imprison him.

that is the loophole in the current crypto market. this is why a lot are encourage to screw their investors because they can easily get away with it. however, what i like about SBF is he faced the public and admit his mistakes. i just hope that he will return some of the money to his investors.

You've been too easy on him, you're definitely not a victim of the FTX crash so you don't seem too worried. If someone uses your money without informing you in advance, it is like stealing your money and after losing all the money, that person comes to you to apologize, will you forgive? SBF is no different from Dokwon, causing many people to fall into difficult situations, even die. I know this is largely the investor's fault because they are ignorant or too greedy to trust SBF but he doesn't deserve to be tolerated.

[irhact]

SBF has powerful people behind him, let alone his mother.  Besides he is spending millions of dollars of FTX clients money just to have a good term with "powerful" people.  So instead I believe some one will be jailed in SBF's stead.  They will definitely look for a fall guy unless the evidence is strong enough to make this backer back - off.

SBF has political friends that he has made over just few years of getting to the top of the cryptocurrency industry and he'll use that to his advantage. Besides SBF is a US citizen and US does take care of his own. Also the US are against cryptocurency and might just leverage on the FTX incident to make people lose trust in cryptocurrency entirely as they make SBF work away a free man after the financial collapse he just caused.
If this was to be another individual, especially someone who wasn't of US origin like CZ (the CEO of Binance exchange) things won't have been this calm as it's. He would has been questioned and asked to pay for his sin. SBF crippled many investors and many won't recover at all or it'll take longer for them because billions of investors funds got losts in all this.

[Ayers]

SBF has powerful people behind him, let alone his mother.  Besides he is spending millions of dollars of FTX clients money just to have a good term with "powerful" people.  So instead I believe some one will be jailed in SBF's stead.  They will definitely look for a fall guy unless the evidence is strong enough to make this backer back - off.

SBF has political friends that he has made over just few years of getting to the top of the cryptocurrency industry and he'll use that to his advantage. Besides SBF is a US citizen and US does take care of his own. Also the US are against cryptocurency and might just leverage on the FTX incident to make people lose trust in cryptocurrency entirely as they make SBF work away a free man after the financial collapse he just caused.
If this was to be another individual, especially someone who wasn't of US origin like CZ (the CEO of Binance exchange) things won't have been this calm as it's. He would has been questioned and asked to pay for his sin. SBF crippled many investors and many won't recover at all or it'll take longer for them because billions of investors funds got losts in all this.

Even if he has no ties to politicians or their support, he is very unlikely to go to jail. Look at Dokwon, he also caused Luna's downfall and same damage as SBF did but so far he hasn't been caught. Simply because cryptocurrencies do not have any regulation, it is difficult to accusations someone.
In the 14 years of crypto development, there have been many cases of scams happening, but most of them will be forgotten and no one will be held responsible, so this time is no exception.

Your hypothesis also sounds very reasonable, maybe the recent crashes were created by the government to implicitly warn people to stay away from crypto because it will not be protected by them. This is also a way to get rid of cryptocurrencies without as much effort as issuing a ban.

[NotATether]

Not defending him or anything, but what good will it do locking up SBF at this point? The damage has already been done, I would instead go after all the other rats who are still running fraudulent exchanges before they take down even more investor funds. But at the very least he should get a lifetime ban from running a financial company so that he cannot repeat this stunt again.

[franky1]

Not defending him or anything, but what good will it do locking up SBF at this point? The damage has already been done, I would instead go after all the other rats who are still running fraudulent exchanges before they take down even more investor funds. But at the very least he should get a lifetime ban from running a financial company so that he cannot repeat this stunt again.

i was thinking that putting 'scam bankman fraud' in prison would set a precedent that boiler rooms scams are not wild west freedoms any rat can scurry around in and get away with it.

but then. if rats get afraid of possible prison time too. they probably would shut down their operations quick and scarper off with their customers funds out of state.

yes 'scam bankman fraud' should be banned for life from ever doing custodian/ financial manager, exchange based businesses again

and if not prison. walk upto every investors house and allow each investor face to face have their say.. where  'scam bankman fraud'  has to take his lickings of abuse from each. aswell as declare he will for the rest of his life work for minimum wage living in a slum apartment(lifetime probation/monitoring) and all other incomes go back to making reparations

[NotATether]

and if not prison. walk upto every investors house and allow each investor face to face have their say.. where  'scam bankman fraud'  has to take his lickings of abuse from each. aswell as declare he will for the rest of his life work for minimum wage living in a slum apartment(lifetime probation/monitoring) and all other incomes go back to making reparations

I don't think he courts will go that far. The worst that can happen is that they give him 140 years of prison time like that Bernie Madoff guy.

But Madoff screwed a lot of investors right under the SEC's nose. That is the crucial difference between the convictions (in SBF's case it's hypothetical).

[Bitstar_coin]

My BTC savings have lost much value this month, and I know why. We all know. It's the FTX's debacle. Some say it's doomsday for cryptos, but it isn't. There's nothing wrong with BTC. What's wrong is that one crook has stolen honest people's money to make shady investments.

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

Do kwon is still working as a free man, just like most of the previous scammers. I doubt he will go to jail especially when he didn't see it as his fault.
The guy doesn't feel remorseful for what happened. Lol, look at his recent WHAT HAPPENED tweet. He is a complete douchebag acting indifferent after causing so much havoc to investors and the entire crypto market. It will be nice to see his a** in jail but judging from previous similar incidents, I highly doubt that.

[Odusko]

The rich are getting richer with the money their stole from the poor and taxpayers who are looking for other ways to make investments and choosing cryptocurrency in that regard, the CEO of FTX and LUNA CEOs are still walking freely after their both platforms scam users of billions of dollars, without any attempt to keep them in custody pending investigation, but in the other way around their still free and enjoying the money they took from clients since their custody to those coins in investment.
I am not sure if their both will end up in jail after the hardy process of investigation but one of the limitations to getting the needed justice is political will and corruption, they may both buy their way through and walk away freely with all the stolen money.

[franky1]

all of the FIAT financial sector is a sham

take setting up a business. (watch shows such as sharktank/dragons den)

salepitch happens, then the request
$100k for 5%

this puts it at a valuation of $2m even though there is only $100k in the business. plus that business probably already in debt by more then $100k before the pitch meaning that $100m might get spent quick

then next season of investor are not buying 1% of $100k. but 1% of $2m. again there is not $2m in the company

no one bats an eyelid as long as the business can show activeness of work activity in the business or demand on the market to swap the 1% $20k (a 100% rate of $2m)

when it all goes bad. then and only then do people finally see the business only ever had $100k all along

and everyone thinking they will get $20k for 1% only get $1k for 1%

..
FTX did NOT ever have $32billion to back up its valuations EVER
at most they probably had $7b. but not in FTX collateral. but as assets under management of customers funds

FTX only had legitimately les than a couple billion of business collateral legally owned by the business

[Falconer]

I've been very happy to read that the Financial Times has pretty much the same opinion as I have.

https://www.ft.com/content/470ce8e8-0e5d-4fe4-8b62-08eb0749da9c

As long as there are exchanges, it's essential that people can trust them. We can't say if the bad guy will end up in jail yet, but justice's on the way.

Justice is something that needs to be fought for, but this does not rule out the possibility that not all bad people will end up in prison because the laws of the world sometimes become dull when a criminal has more power than those who work as judges. I would probably think SBF could be tried in prison for his guilt, but either way that will never make up for the lost billions of dollars investing from investor.

Traders and investors can always trust the exchange, but may end up having to bear all the causes and consequences of a bad centralized exchange. The risk would be minimized if most people never held their assets on a centralized exchange, but this is more desirable for some traders or investors.

[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.

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.

The issue here is not whether we have enough evidence but as I said, cryptocurrencies are not regulated and participation in crypto is not protected by the government. The only possibility that SBF goes to jail is that, he cannot compensate US investors because FTX is registered there, investors paying full taxes means they will be protected by law. As for investors in the world without protection, they should be responsible for their own losses. That is the difference between regulated and unregulated in the market.

[franky1]

The issue here is not whether we have enough evidence but as I said, cryptocurrencies are not regulated and participation in crypto is not protected by the government. The only possibility that SBF goes to jail is that, he cannot compensate US investors because FTX is registered there, investors paying full taxes means they will be protected by law. As for investors in the world without protection, they should be responsible for their own losses. That is the difference between regulated and unregulated in the market.

what you say is about cryptocurrencies themself (self custody)

but when it comes to businesses, there are some rules.. but when it comes to businesses. a business is not human. you cant put a business in to prison
business can be fined where the associated bank accounts can be seized.

however business law also allows the CEO lots of loop holes to escape business mistakes

it then has another threshold of evidence needed to make a business mistake a mistake of the CEO

most of the time a CEO will find a scape goat. like a disgruntled employee to point the finger at.

this threshold to put the blame on the CEO also comes with things like was it inept practice of just not having any accounting skills to secure assets. or was it malicious action of the ceo purposefully deciding to move assets/spend assets

i personally want him jailed. but its never that simple