SBF, arrested!

[bbc.reporter]

@AmoreJaz. He can bail out from custody of the government because his crime is only a white collar crime. However, what his sentence might be will not be known until a judge decides how long he stays in prison or if he goes in prison.

In any case, I am not quite certain where to share this news but it appears The Block cryptonews website might have received money from Sam Bankrupt-Fried. I am very disappointed in this.



The Block, a media company that says it covers crypto news independently, has been secretly funded for over a year with money funneled to The Block's CEO from the disgraced Sam Bankman-Fried's cryptocurrency trading firm, sources told Axios.

Source https://www.axios.com/2022/12/09/bankman-fried-funded-crypto-news-site-block

[franky1]

we can't say what will happen next, if he will indeed go to prison or bail out.

@AmoreJaz. He can bail out from custody of the government because his crime is only a white collar crime.

BAIL DENIED - staying in jail until Feb 8th
https://www.youtube.com/watch?v=DefoS4hlJQ4

[Lucius]

I can tell by now that Caroline is a lot more influential than SBF. So we may be able to see SBF commit suicide.

Cowards do not raise their hands on themselves, and I don't think Bankman would ever have the strength to do something like that. Apart from that, regardless of everything that happened, I think that he has a very good chance of not getting hurt too much in the process.

I still get sick to my stomach every time I see news about Horvatincic being in some spa or whatever, while he should rot in jail for killing those poor people.

There are hundreds of such cases, some of which the public may never find out - but such cases are only proof that money can buy everything, even when it is more than clear who is the culprit and who is the victim. Bankman didn't kill anyone in the end, although I believe we will find out that some suicides are directly related to the collapse of his company - people unfortunately lost everything they had.

He didn't choose the safest country to be in right now. There's an armed conflict brewing in Serbia.

There is no conflict there, do you think that Serbia would attack Kosovo, where the largest US military base in this part of Europe is located? What you read about somewhere has been happening for years, every time Serbian politicians want to draw the public's attention to other things. Kwon's choice is not as bad as some people think, in that country a man who has money can do whatever he wants, even if he is a criminal wanted by the whole world.

[bakasabo]

There are a lot of private jails in the US. Even if Sam Bankman-Fried really gets into jail, I think he will spend his sentence comfortably. 1000% he wont be spending his sentence with murderers, drug addicted or other dangerous criminals. He will spend several years with similar criminals, that committed financial crimes. Besides, Sams parents are not the last persons in the US. I am sure he will get help from them, shorter sentence and will get out ahead of time. And it all will end with him getting "easy" punishment and he by end he would say everyone that he had served sentence and is not guilty anymore.

[yhiaali3]

Yeah good, that's what everyone wants to happen. Everyone wants justice.
This is also hoped for by New York Democrat Alexandria Ocasio-Cortez, who said:

Bankman-Fried was set to testify before the House tomorrow. Tonight he was arrested.

While I am disappointed we will not have the opportunity to present our line of questioning, we look forward to more information coming to light and justice being served in this case.

https://twitter.com/AOC/status/1602470171364712449

That's a good start, but let's hope the end is good too, because I heard a few days ago that Sam Bankman Fred hired Mark S. Cohen, Ghislaine Maxwell's defense attorney.

Beleaguered FTX founder Sam Bankman-Fried has reportedly tapped a key member of convicted sex offender Ghislaine Maxwell’s legal team to represent him following the collapse of his cryptocurrency empire.

Bankman-Fried hired Mark S. Cohen, a managing partner and co-founder of the Cohen & Gresser law firm in New York, Reuters reported, citing a message from the former FTX boss’s spokesperson Mark Botnick.

A former assistant US attorney, Cohen was part of a team that defended Maxwell, the longtime companion of the late convicted sex offender Jeffrey Epstein. In June, Maxwell was sentenced to 20 years in prison for helping Epstein abuse underage girls.

https://nypost.com/2022/12/07/ftxs-sam-bankman-fried-just-hired-ghislaine-maxwells-defense-attorney/

This lawyer, I think, has a dirty record and defends dishonest cases, so no one knows what the case will turn out to be.

I hope the end will be happy and justice will be served.

[Minor Miner]

There are a lot of private jails in the US. Even if Sam Bankman-Fried really gets into jail, I think he will spend his sentence comfortably. 1000% he wont be spending his sentence with murderers, drug addicted or other dangerous criminals. He will spend several years with similar criminals, that committed financial crimes. Besides, Sams parents are not the last persons in the US. I am sure he will get help from them, shorter sentence and will get out ahead of time. And it all will end with him getting "easy" punishment and he by end he would say everyone that he had served sentence and is not guilty anymore.

I still don't believe all of this until the court has a final verdict on him. I still suspect all of this was created just to satisfy the public because what he has done to the community is terrible. If they do not act, people will lose faith in the government as well as the law, so they will try to find some way to reassure public opinion and affirm that the law will punish everyone without exception. I also believe that SBF will not be punished too severely, let's continue to see how this drama will end.

[suzanne5223]

When I first heard about this news I was surprised although some people who are affected by the FTX collapse, etc may see it as a win situation but honestly, SBF arrest won't provide the user's funds.

I think that him getting arrested and potentially spending few years in prisonpeople see like a 2nd best thing to getting their money. So that's why some are happy about it.

I think these people though looking forward to get their fund back are slim are happy because they think that even though they can't get their money back, at least they can see SBF rot in jail.  (well that is if SBF is really put in jail)

You have point but they should have charged him to court, given some conditions and a time span to refund the loss of the people. Putting him in jail now may not give/allow him to have the right thinking and also do things that will make him refund the people their money since SBF is good in arbitrage trading.
@serjent05
Do you believe SBF will rot in jail when he purposely spends some of the money on political activities in the US so they could rub his back when he gets into trouble like this? He might even be at his apartment drinking coffee now.
I think what the people who lose their funds in the FTX issue needed right now is the jury putting SBF in the condition that will make him pay the money not jailing him which I believe is another way of them not making him refund the money.

When I first heard about this news I was surprised although some people who are affected by the FTX collapse, etc may see it as a win situation but honestly, SBF arrest won't provide the user's funds. Besides, I somehow feel there's something fishy about the whole arrest because after he (SBF) was arrested the US prosecutors were planning to file criminal charges against CZ and Binance for sanction violation and money laundering.
I just hope people affected get their funds back but something is not right somewhere about this whole issue.

Just what others mentioned above about on people being happy then some do really have that kind of thinking or impression that their money might really be given back but there are some who doesnt

really raise their hopes up and just really want to see SBF to be on those bars and would be paying on what he had done to the people specially into those FTX users.
Wondering on how many years he would be staying up on jail or would be he able to bail out?

I dont know but im not really that much happy or really that contented but well at least he got caught.

we can't say what will happen next, if he will indeed go to prison or bail out. i believe he wanted to be arrested because if he wanted to disappear, he can very well do that. maybe he has plans that we don't know about. hearings will take time, so his lawyers will already find a way how to get out of this situation. i am on the side that he can very well bail out from this situation. but we will see where this goes as they proceed with this case.

@Oilacris
I read that his (SBF) bailout was rejected yesterday and for the years he will spend behind bars we don't know yet but I'm sure what common people that were affected by the FTX issue want is a refund of their loss.
I hope the jury do what will favor the common man.
@AmoreJaz
Yes, he can disappear if he wants but he will only make things worse for himself and his family. It is better he man up in this situation than disappearance. I also believe he has some plan and if he doesn't the lawyer he hired would have given him the best plan since he once won a case against the US SEC.

[taufik123]

I can tell by now that Caroline is a lot more influential than SBF. So we may be able to see SBF commit suicide.

That won't help victim of FTX bankruptcy regain their funds though. And if he died, i expect it'll be more difficult for the victim to regain their losses.

It will be another disaster, when SBF kills himself he will not be held accountable for his crimes anymore.
As you said, it will be difficult to recover the losses of FTX victims.

But does SBF still have other assets to be able to compensate the victims, and will the other perpetrators also be investigated in relation to this case?
I feel sorry for the many victims who have a lot of assets in FTX and whose losses still can't be recovered.

[franky1]

But does SBF still have other assets to be able to compensate the victims, and will the other perpetrators also be investigated in relation to this case?
I feel sorry for the many victims who have a lot of assets in FTX and whose losses still can't be recovered.

the new administrator of FTX (mr ray) is still investigating the inner workings of ftx. and trying to find all assets.

but so far Mr ray only has hands on about $1b of funds out of a possible $7-8b hole

there is the LedgerX platform which is solvent and can be sold.

as well
the 48 hours of filing bankruptcy. SBF and another employee moved out alot of FTT token and some other assets to a custody of the bahama authorities(and maybe his own wallet)

these FTT tokens are still being traded on other exchanges so they still have value. and SBF was 'hoping' it would be a nice collateral for the bahama authorities to hold as a possible repayment amount to victims should FTT go up in price enough to cover losses (of the FTX.com(international) customers)

though i doubt the ledgerX value + FTT bahama held tokens will amount to the missing $6-7b

[m2017]

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.

Any misconduct must always be held accountable. It turns out that Sam Bankman will be brought to justice before the court. It is not known how the trial will turn out and whether he will be able to get out of the well-deserved punishment. Users who have lost money must be happy about this event, but will they be able to be happy about the return of their deposits. That is still unknown. Because it is also not known whether Sam Bankman will be able to fulfill his debt obligations and return the money to the FTX's users. As you know, transactions were made for very large amounts, sent in an unknown direction. Whether it will be possible to return them, again, is not known.

[taufik123]

the new administrator of FTX (mr ray) is still investigating the inner workings of ftx. and trying to find all assets.

but so far Mr ray only has hands on about $1b of funds out of a possible $7-8b hole

there is the LedgerX platform which is solvent and can be sold.

If Mr.Ray only has $1 billion in funds, of course, there is still quite a lot that must be replaced. But hopefully, more assets will be found.
SBF also definitely has more funds in the form of assets, all of that must be investigated.

-snip-
these FTT tokens are still being traded on other exchanges so they still have value. and SBF was 'hoping' it would be a nice collateral for the bahama authorities to hold as a possible repayment amount to victims should FTT go up in price enough to cover losses (of the FTX.com(international) customers)

though i doubt the ledgerX value + FTT bahama held tokens will amount to the missing $6-7b

Regarding the FTT token, it will only be a garbage token. Even though it looks like it's still being traded, the price is also not worth it and many are being delisted by several centralized exchanges. Hoping to go up, it's still a difficult thing. Many people no longer believe in the FTT token and think it's just trash like what happened to the LUNA Token.

It's going to be a pretty long case if FTX doesn't get the $6-7 billion to replace the hole.

[savetheFORUM]

I hope the arrest isn't for show only like when the off-camera SBF is living like a king with all the assistant and lavish living.

Most of these guys are excellent entrepreneurs and financial gurus, but they lack basic business skills and how to manage a business. Karpeles did the same thing with Mt Gox.... and the whole thing collapsed.  

You sound conflicting    Entrepreneur and financial gurus are knowledgeable about money flow so automatically the person is knowledgeable on how to run a business.  Don't misunderstood technical knowledge on Bitcoin and TA with running business.  Businessman maybe not knowledgeable on laws and regulation that is why they hire lawyer for it.

That is often the case that happens for someone who is rich like for example when a politician is arrested. Later on there will be a follow up report on what they are doing inside the cell and the public will see how good their life is.

I think the same thing can also happen with SBF even though it is known that his company have bankrupt but we never know what if he already hide some money before for his personal use. He also helped some government financially so this guy have some special treatment. SBF is obviously knowledgeable and knows how to manage a business because if not then he won't grow his company but the problem is he got greedy. That is why his empire collapsed.

[franky1]

Regarding the FTT token, it will only be a garbage token.

value at post today of the 195,869,337 FTT transfer last month is today $274m
so yea not really worth even trying to sell as just selling off that amount would crash the market and make them worth less than that to cash out..

days/weeks before his arrest SBF was hoping  that FTT would ATH again at a 20x of transfer dated price ($400m) to make value of assets in bahama custody $8b

of course it wont happen even at a 30x of today to get a $8b  value of the 195m coins.. that still wont net the bahama gov $8b because as soon as they sale them it would crash the ATH

[serjent05]

I can tell by now that Caroline is a lot more influential than SBF. So we may be able to see SBF commit suicide.

Cowards do not raise their hands on themselves, and I don't think Bankman would ever have the strength to do something like that. Apart from that, regardless of everything that happened, I think that he has a very good chance of not getting hurt too much in the process.

I even imagine SBF being treated as a VIP in his cellar or maybe he is already in his house playing games.  Whatever, I think he is being taken care of.

I still get sick to my stomach every time I see news about Horvatincic being in some spa or whatever, while he should rot in jail for killing those poor people.

There are hundreds of such cases, some of which the public may never find out - but such cases are only proof that money can buy everything, even when it is more than clear who is the culprit and who is the victim. Bankman didn't kill anyone in the end, although I believe we will find out that some suicides are directly related to the collapse of his company - people unfortunately lost everything they had.

Yeah, money is the most powerful ally in this corrupt government.  Even influential politicians bow down to money and the blindfolded justice system even doubles its blindfold if money waves.  Even though there are lots of people who lose money, the corrupt official doesn't care as long as they are fed with what they wanted - money.

[franky1]

I can tell by now that Caroline is a lot more influential than SBF. So we may be able to see SBF commit suicide.

Cowards do not raise their hands on themselves, and I don't think Bankman would ever have the strength to do something like that. Apart from that, regardless of everything that happened, I think that he has a very good chance of not getting hurt too much in the process.

I even imagine SBF being treated as a VIP

i dont think SBF will be given an 'epstien neck tie'
epstein had no kids or wife or parents to care about him.

SBF has devoted parents. so SBF will do deals to reduce/avoid his sentence

[The Cryptovator]

It's a good thing he was arrested so that others know they can't skip after committing a crime on crypto. Unfortunately, users are unlikely to receive their funds back. Because in the past, we have very rarely seen end users benefit from such an incident. Arresting a criminal does not guarantee that the funds will be recovered. A thorough investigation into where the funds were moved is required. I hope the positive and end users get justice.

[franky1]

It's a good thing he was arrested so that others know they can't skip after committing a crime on crypto. Unfortunately, users are unlikely to receive their funds back.

not complete, in full
but the current administrator (ceo) has found atleast $1b of the $8bill hole. so expect at most so far 10cent on the dollar after lawyer/admin syphons, oops i mean consultation fees

oh and also expect the gratuitous "for the benefit of maximising returns" 3-4 year delay of waiting for the next halving cycle before pay out.. to have the values in dollar amounts multiply to then maximise returns

[seoincorporation]

I'm not sure if this will help the people to recover their loss, but I don't think the govs care about this because people were making a high-risk investment, so, maybe for them is all gone and this jail move is to bring some justice and prove how there are huge consequences on crypto scams.

This time was a half-win for the justice, now let's hope to see soon a recover plan for the investors.

[Franctoshi]

The Government has done what has been long awaited of them to do since after FTX collapse, the government through the security and exchange commission bring and arrest Sam bank Man Fried to answer some question and face the law because no one is above the law.
The Sec need to step up their games in protecting every investor out there without this kind of delays in the future.

In general this is good for the entire crypto industry, and also will bring confidence to investors that invested in FXT and other cryptos that judgment is finally in.

[noorman0]

-snip-
I am sure he will get help from them, shorter sentence and will get out ahead of time. And it all will end with him getting "easy" punishment and he by end he would say everyone that he had served sentence and is not guilty anymore.

But this time he is fighting people around the world who are demanding justice. Everyone was watching, and it was enough to risk the reputation of the court if the decision was judged to be a mitigating sentence for SBF.

By the way, the maximum sentence preference for SBF is already known. Young enough to live the rest of life in prison.

Sam Bankman-Fried, the founder and former CEO of the bankrupt cryptocurrency exchange FTX, is facing an eight-count federal indictment that could see him sentenced to up to 115 years in prison if he is convicted and given the maximum sentence.