SBF, arrested!

[tabas]

Here's what we're waiting for, after what he's done. I guess everyone who's been a victim of FTX fall is now getting some justice.

FTX founder Sam Bankman-Fried was arrested by Bahamian authorities this evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the crypto exchange’s collapse.

News: FTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges

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[GreatArkansas]

Very surprising. There are a lot of hot issues right now in the cryptocurrency market.
I am curious now about the arrest of Sam Bankman-fried. Could this be a guarantee that users' funds on the FTX exchange will be refunded or given to the user back? The arrest of Sam Bankman-fried, could be a huge W for some people who lost their funds on the FTX exchange, but I am praying that these customers' funds must be given back to the customers.


Letter from Bahamas authority:
https://twitter.com/tier10k/status/1602446815772741632?s=20&t=Xem7rqopOmNnVbAnNKIM1w

[wxa7115]

Here's what we're waiting for, after what he's done. I guess everyone who's been a victim of FTX fall is now getting some justice.

FTX founder Sam Bankman-Fried was arrested by Bahamian authorities this evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the crypto exchange’s collapse.

News: FTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges

If I am perfectly honest I did had my doubts this day will come as the guy has donated too much money to important figures and he has probably the best lawyers that his money can afford him.

But at least this is a step on the right direction, as someone like him needs to face charges for what he did, still even if he is eventually found guilty from the charges that are brought against him this is not going to help people to recover all the money they lost, but at least it will bring them some justice.

[Despairo]

Actually I wonder why SBF got arrested? is there any rule he broke? but I can't find any laws that he broke.

It's the risk if anyone leave their coins on centralized exchange and it's their right if they use customers money for investment or other thing to make more money, even banks did that. I believe they have a rule if they're not responsible to recover customers money when something bad happen, all centralized exchange have this rule. So it doesn't make sense for me if SBF go to jail just because this problem.

[OcTradism]

I am curious now about the arrest of Sam Bankman-fried. Could this be a guarantee that users' funds on the FTX exchange will be refunded or given to the user back?

It won't be easy to get full refunds to all customers after a bankruptcy occurs. Maybe customers will get refund partially for their capital on the collapsed exchange but I am sure they will not get a full one. The leftover of collapsed exchange does not have enough money to fully refund all users.

Even refund happens, it would take very long time, maybe take years. We have an example of Mt. Gox exchange and years after the CEO was arrested, a lot of lawsuits, until now, that case has still been ended and customers who have lost money on Mt. Gox have yet received any refund.

[Gallar]

actually this is a sad thing for the crypto world, who wants all of this to happen, everyone also doesn't want this to happen.
but this is reality, and justice must be upheld according to applicable law.
with this arrest, it gives knowledge that every crime will definitely be uncovered, and it will definitely smell wherever it runs.
so the conclusion is don't be a greedy person, and fall into the world of crime.

[DaveF]

Very surprising. There are a lot of hot issues right now in the cryptocurrency market.
I am curious now about the arrest of Sam Bankman-fried. Could this be a guarantee that users' funds on the FTX exchange will be refunded or given to the user back? The arrest of Sam Bankman-fried, could be a huge W for some people who lost their funds on the FTX exchange, but I am praying that these customers' funds must be given back to the customers.

What funds? They were spending everything everywhere. Everyone will be lucky if they get a few pennies on the dollar. If there is even that much left.

If I am perfectly honest I did had my doubts this day will come as the guy has donated too much money to important figures and he has probably the best lawyers that his money can afford him.

For the most part he did not donate to people he donated to groups. And it's unclear how much money he has left.

Actually I wonder why SBF got arrested? is there any rule he broke? but I can't find any laws that he broke.

Bank fraud, securities fraud, and a few others.

-Dave

[Accardo]

Bankman-Fried could face life in prison without the possibility of supervised release. Such a severe punishment would be unusual but not extraordinary. Ponzi scheme mastermind Bernie Madoff was sentenced to 150 years in prison, an effective life sentence, for his massive ponzi scheme.

SBF serving life is indeed extreme, his carelessness must have brought people to do weird things like committing suicide. Earlier, I thought the Bahamas Government wouldn't arrest him, but SBF moving around attending interviews with mainstream media was so awkward regarding the allegations on him. However, the Bahamas government delayed his arrest until US filed a crime against SBF. He should have been arrested immediately FTX collapsed, and extraditing him to US will harden the young billionaires case and time in prison. Do you think the Bahamas Government had their reasons for delaying his arrest? Because from the link OP provided SBF's lawyer accused the Bahamas authorities of working closely with SBF in shoving peoples money out of FTX to a private wallet owned by the Bahamas authorities.

[bittraffic]

Bankman-Fried could face life in prison without the possibility of supervised release. Such a severe punishment would be unusual but not extraordinary. Ponzi scheme mastermind Bernie Madoff was sentenced to 150 years in prison, an effective life sentence, for his massive ponzi scheme.

SBF serving life is indeed extreme, his carelessness must have brought people to do weird things like committing suicide. Earlier, I thought the Bahamas Government wouldn't arrest him, but SBF moving around attending interviews with mainstream media was so awkward regarding the allegations on him. However, the Bahamas government delayed his arrest until US filed a crime against SBF. He should have been arrested immediately FTX collapsed, and extraditing him to US will harden the young billionaires case and time in prison. Do you think the Bahamas Government had their reasons for delaying his arrest? Because from the link OP provided SBF's lawyer accused the Bahamas authorities of working closely with SBF in shoving peoples money out of FTX to a private wallet owned by the Bahamas authorities.

When the Enron scam erupted, the next day the perpetrators are handcuffed.  But with FTX, it took a month, and was just arrested for trial.

I have some doubts that he is actually going to jail for this. He had paid politicians and his parents are with the people in the government. You can say, he is backed by a big crime family who had put DOJ inside thier pockets.

[DapanasFruit]

The time is coming when SBF would get a jail sentence for the many bad things he did or approved to have done in FTX...and his lawyer/s will do everything they can to minimize the jail terms. Just like Elizabeth Holmes of Theranos, Sam will have to pay the many frauds he did and it does not matter to me if creditors will get the money owed to them but certainly they are entitled to get some as there are many asserts still left intact by FTX so it is a matter of legally liquidating them. Sam tried to make his name a little bit more acceptable with his interviews and with the mainstream media playing along...but the immense pressure coming from different directions for law enforcers to do what they should be doing has finally come to the arrest of the man...definitely no more the golden boy of the crypto industry he is now its Bernie Madoff version.

[lovesmayfamilis]

If I am perfectly honest I did had my doubts this day will come as the guy has donated too much money to important figures and he has probably the best lawyers that his money can afford him.

But at least this is a step on the right direction, as someone like him needs to face charges for what he did, still even if he is eventually found guilty from the charges that are brought against him this is not going to help people to recover all the money they lost, but at least it will bring them some justice.

I think it's rather the opposite. Too many big creditors lost their money trusting Sam, and that played a big part in making the arrest decision so quickly. As much as Sam hopes and plans for a new business that could justify him in the future, he will have to dream while in prison for a significant time. At least, I really want to believe it.

[Strongkored]

This is the news that everyone who has lost funds because of the actions of this crime has been waiting for on the FTX exchange, but what is more desirable for people who have suffered losses is not only to see SBF imprisoned but to be clear about their money, what percentage is the probability that they can get their money back , because even though SBF is in prison, it is possible that when the court later he will only get a light sentence which does not fulfill justice for those who are aggrieved

[franky1]

SBF serving life is indeed extreme, his carelessness must have brought people to do weird things like committing suicide.

When the Enron scam erupted, the next day the perpetrators are handcuffed.  But with FTX, it took a month, and was just arrested for trial.

I have some doubts that he is actually going to jail for this. He had paid politicians and his parents are with the people in the government. You can say, he is backed by a big crime family who had put DOJ inside thier pockets.

the enron scam had total different timeline
so charging SBF within a month of allegations/bankruptcy is actually very quick response.. in comparison

but for comparisons..

enron
by the beginning of November 2001. That month Enron attempted to avoid disaster by agreeing to be acquired by Dynegy. However, weeks later Dynegy backed out of the deal. On December 2, 2001, Enron filed for Chapter 11 bankruptcy protection.

On July 7, 2004, Lay was indicted by a grand jury in Houston, Texas, for his role in the company's failure.

The trial of Kenneth Lay and Jeffrey Skilling commenced on January 30, 2006, in Houston.

On May 25, 2006, Lay was found guilty on six counts of conspiracy and fraud by the jury. In a separate bench trial, Judge Lake ruled that Lay was guilty of four additional counts of fraud and making false statements. Sentencing was scheduled for September 11, 2006, and rescheduled for October 23, 2006

[Don Pedro Dinero]

Actually I wonder why SBF got arrested? is there any rule he broke? but I can't find any laws that he broke.

It's the risk if anyone leave their coins on centralized exchange and it's their right if they use customers money for investment or other thing to make more money, even banks did that. I believe they have a rule if they're not responsible to recover customers money when something bad happen, all centralized exchange have this rule. So it doesn't make sense for me if SBF go to jail just because this problem.

No. Swindling billions through a financial engineering racket whereby he misled investors with false accounting, manipulating the price of his shittoken etc. is not usually breaking any rules.

Next time you'd better read the story before writing things like that. Just read the article linked by the OP and you would have seen:

the charges include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering,

[rat03gopoh]

Could this be a guarantee that users' funds on the FTX exchange will be refunded or given to the user back?

The money is used to fund political parties on a donation basis^[1], so there is absolutely no return I think. lol
Anyway I wonder if there are some people who didn't expect this arrest especially FTT token holders, however the next crash is imminent.

1. https://www.theguardian.com/technology/2022/nov/30/ftx-billionaire-sam-bankman-fried-dark-money-republicans

[mich]

Today I became overjoyed to find out that SBF was arrested by Bahamian Authorities and that the United States Government was going to charge him with the serious crimes of money laundering, wire fraud, and securities fraud.
I think its strange that he was arrested the day before he was going to testify today and tomorrow. The timing for him to be arrested seems fishy if you ask me.  I have also read that SBF and FTX's inner circle had a secret group chat on the Signal app called 'Wirefraud'. The plot thickens in this turn of events.

[retreat]

Actually I wonder why SBF got arrested? is there any rule he broke? but I can't find any laws that he broke.

If explained, there are many violations committed by the SBF. He uses user assets for investment and trading without thinking of a clear strategy going forward, fraud under the guise of crypto investment, conspiracy, wire fraud, money laundering, and few others. But it seems that he has hired a lawyer who is quite competent in cases like this, moreover we know that the parents of SBF are quite well-known figures in Stanford and the government, they certainly will not let their child get caught in a criminal case and as best they can they will pass the SBF of all the charges against him with the resources at their disposal.

It seems that SBF's case will be quite long and if we expect him to be charged with the maximum penalty, the chances of that happening are quite small.

[NeuroticFish]

FTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges

Oh poor soul, and in his greatness he even said lately he will start another business to pay back the missing funds... How injust are these bad people... (/s)

Actually I wonder why SBF got arrested? is there any rule he broke? but I can't find any laws that he broke.

Well, I don't know in what country you live in, but stealing tends to be illegal everywhere.
(Of course, you can look for DaveF post for more exact legal terms for it).

Today I became overjoyed to find out that SBF was arrested by Bahamian Authorities and that the United States Government was going to charge him with the serious crimes of money laundering, wire fraud, and securities fraud.
I think its strange that he was arrested the day before he was going to testify today and tomorrow. The timing for him to be arrested seems fishy if you ask me.  I have also read that SBF and FTX's inner circle had a secret group chat on the Signal app called 'Wirefraud'. The plot thickens in this turn of events.

The authorities usually tend to obstruct one another, on purpose or by mistake. It doesn't even have to be yet another conspiracy theory for this...

[EarnOnVictor]

Here's what we're waiting for, after what he's done. I guess everyone who's been a victim of FTX fall is now getting some justice.

This is truly a piece of good news, but never the news that would give justice to the victims of SBF's fraud. The perpetrator might be tried and jailed for so long for all I care, but will it bring back the money that has gone? The real justice is when this money is given back to those who invested with FTX, but I know that would not happen.

I hope more regulations could be put in place among the centralized exchange since they are within the reach of the world government. This is another justice that could be served to avoid the repetition of this ugly event!

[tech30338]

Here's what we're waiting for, after what he's done. I guess everyone who's been a victim of FTX fall is now getting some justice.

m/2022/12/12/ftx-founder-sam-bankman-fried-arrested-in-the-bahamas-after-us-files-criminal-charges.html]
FTX founder Sam Bankman-Fried was arrested by Bahamian authorities this evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the crypto exchange’s collapse.

News: m/2022/12/12/ftx-founder-sam-bankman-fried-arrested-in-the-bahamas-after-us-files-criminal-charges.html]FTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges

I just think that he's just a pawn, and the real people behind him, got the money, imagine the time we waited for him to be arrested, the US government take time to make this actions which should had been done earlier, maybe they are also on the ropes, and they have no choice but to drop the hammer for the guy, but no matter what he is still responsible for the collapse.