BANKMAN-FRIED PANIC GAMBLES TO REPAY DEBT

[alastantiger]

Sam Bankman-Fried is alleged to have lost $100M of FTX’s money at online casinos. It is, however, not the first time Bankman-Fried has lost funds either. The collapse of Terra/Luna in May caused massive losses for Sam’s Alameda Research Fund. In hopes of winning back some of the losses, it appears that Sam hit the blackjack floor with FTX money. Unfortunately, he dug the hole deeper. According to Nansen Research, he lost  $100 million in Ethereum and USDT playing at crypto casinos like Stake, Bitcasino, and others. The dots begin to join and Binance’s unveiling of the misappropriation of customer funds now seems to make sense.]Sam Bankman-Fried is alleged to have lost $100M of FTX’s money at online casinos. It is, however, not the first time Bankman-Fried has lost funds either. The collapse of Terra/Luna in May caused massive losses for Sam’s Alameda Research Fund. In hopes of winning back some of the losses, it appears that Sam hit the blackjack floor with FTX money. Unfortunately, he dug the hole deeper. According to Nansen Research, he lost  $100 million in Ethereum and USDT playing at crypto casinos like Stake, Bitcasino, and others. The dots begin to join and Binance’s unveiling of the misappropriation of customer funds now seems to make sense.

How in the world did SBF decide that gambling was the best course of action for recovering the funds? It seems to me that he has terrible friends around him.  Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Source: https://www.pokcas.com/sam-bankman-fried-and-ftx-bankruptcy/

[Hispo]

How in the heavens did SBF arrive at the conclusion that gambling was the strategy to recover the funds? It seems to me that he had terrible friends around him.

If this is true, then it is incredible irresponsible and only highlights that "man" was never supposed to handle anyone's money.
I guess he thought that literal gambling was the solution to his problems after he failed to earn money from traditional investments, I would not be surprised if he made poor choices at the same time he leveraged his positions.

Anyways, just another detail to add to this scandal, those folks cant either trade nor play poker.

[Coin_trader]

How in the world did SBF decide that gambling was the best course of action for recovering the funds? It seems to me that he has terrible friends around him.  Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Source: https://www.pokcas.com/sam-bankman-fried-and-ftx-bankruptcy/

Does the article is real? The source seems not credible and this kind of news is unbelievable for the likes of SBF to resort on gambling and loss 100M usd funds while his exchange and other projects is earning everyday. I believe this article is just another theory and this time they decided to us gambling to promote casino even in negative publicity.

It's very hard to believe a news like this considering the background of SBF is pire on trading. Maybe a lose on futures trading is more believable rather than losing that huge amount of money on blackjack table that known for having a max bet. It will take a very unlucky lose streak to lose all that money on BJ since it has a low house edge.

[Zlantann]

How in the heavens did SBF arrive at the conclusion that gambling was the strategy to recover the funds? It seems to me that he had terrible friends around him.

If this is true, then it is incredible irresponsible and only highlights that "man" was never supposed to handle anyone's money.
I guess he thought that literal gambling was the solution to his problems after he failed to earn money from traditional investments, I would not be surprised if he made poor choices at the same time he leveraged his positions.

Anyways, just another detail to add to this scandal, those folks cant either trade nor play poker.

Each day we keep hearing more damning news about the controversial and imprudent life of SBF. How on earth would a sane man think that the best option to come out of a debt or regain a loss is to go gambling? Nobody can comfortably prove that he can accurately predict the outcome of games. Gambling is a game of chance and luck. I am sure he is addicted to gambling because blowing $100m without consideration or remorse is a pointer that he is a long-term gambler. I think he would get an increased prison term if this information is correct because it is sure proof that he recklessly used the customer's funds.

[Hispo]

How in the heavens did SBF arrive at the conclusion that gambling was the strategy to recover the funds? It seems to me that he had terrible friends around him.

If this is true, then it is incredible irresponsible and only highlights that "man" was never supposed to handle anyone's money.
I guess he thought that literal gambling was the solution to his problems after he failed to earn money from traditional investments, I would not be surprised if he made poor choices at the same time he leveraged his positions.

Anyways, just another detail to add to this scandal, those folks cant either trade nor play poker.

How on earth would a sane man think that the best option to come out of a debt or regain a loss is to go gambling.

He is obviously not sane, this news (if true) is the only and last proof I need to declare my opinion on the insanity of that man. It is incredible he also managed to get bail.
I have never managed more than a couple of hundred of dollars at the same time and I think I could have done a better job than that clown, who ruined some many people's Christmas this year.

What is next? News about SBF performing blood satanic rituals to get the money back?  

[_act_]

The news was published on November 22 which is now more than a month old. Not only that, I used the search engine and I only saw it on the same site and the same link that OP included in his post. I do not believe this, it is not true, it should have been seen on more than 3, 4 or 5 sites if it is true.

[swogerino]

I don't think that is true,he is just trying to find an argument to save himself.I recently saw an article with him being escorted by the FBI and he was keeping a not so small bag with his belongings and I agree with most comments in that article that were pointing,that bag is good enough for him to have his USB with his private keys,who knows how this story turn out in the future but what is sure is that most probably he didn't gamble and even if he gambled surely he has not used all the funds,he is trying to build an alibi but that won't work.

[piebeyb]

if indeed this news is true and SBF lost at online casino because of using customer funds that is the stupidest thing i have ever seen whereas if he wanted to , he could have built the biggest online casino the world has ever seen and could make money from it instead of being a player and gambling in online casinos, does he never know that the house will always win, making money by gambling is not the best way

[rdluffy]

A few weeks ago, they released a lot of news about SBF and FTX, all kinds of news, but not all of it was true.
He gambled with his clients money, but not in casinos as far as I know.

I tried to look for more information, but the only site I found was the one the OP posted, and I looked for the source of the information, it supposed to be this website: https://research.nansen.ai/article/395/daily-summary-gbtc-genesis-gemini-ftx-fallout-and-more

But I don't have access to the site, if anyone does, please try to find that source.

[Kakmakr]

Yes... a lot of these scammers and thieves use casino's to try and launder money, but most of them do not gamble on casinos that require KYC information. So it is strange that he gambled on Stake and some of those other regulated casinos.... that was just dumb. 

I think those people want to see if they can triple the money that they stole on luck... and then repay it back into the books.    All the accounts that stole money in my city had some kind of gambling problem, so there is something behind this. 

[decodx]

Oh wow, I can't believe it. SBF, the trading genius, lost $100M at a casino? Color me shocked. I mean, it's not like they have a successful exchange and other projects bringing in money every day or anything. No, no, it makes perfect sense that they would just throw all their money away at the blackjack table.

Seriously now, I agree with most of the commenters here. The source of the article doesn't seem very credible, and I find it hard to believe that someone like SBF, who has a background in trading, would resort to gambling and lose that much money. Seems like fake news to me.

Has anyone else seen this article and have any thoughts on it?

[AbuBhakar]

Has anyone else seen this article and have any thoughts on it?

I follow SBF twitter and many more influencer that giving updates about FTX failure and no one except OP brought up this speculation against SBF failure. This kind of news will be on the major news channel if the source is legit but since the only article about this is only the link shared by the OP, We can conclude that this just a hoax.

The article too mentioned popular casino like Stake and Sportsbet which is odd on how they get this kind of info of SBF gambling activities since casino doesn’t share private info of there customers.

[Blawpaw]

Sam Bankman-Fried is alleged to have lost $100M of FTX’s money at online casinos. It is, however, not the first time Bankman-Fried has lost funds either. The collapse of Terra/Luna in May caused massive losses for Sam’s Alameda Research Fund. In hopes of winning back some of the losses, it appears that Sam hit the blackjack floor with FTX money. Unfortunately, he dug the hole deeper. According to Nansen Research, he lost  $100 million in Ethereum and USDT playing at crypto casinos like Stake, Bitcasino, and others. The dots begin to join and Binance’s unveiling of the misappropriation of customer funds now seems to make sense.]Sam Bankman-Fried is alleged to have lost $100M of FTX’s money at online casinos. It is, however, not the first time Bankman-Fried has lost funds either. The collapse of Terra/Luna in May caused massive losses for Sam’s Alameda Research Fund. In hopes of winning back some of the losses, it appears that Sam hit the blackjack floor with FTX money. Unfortunately, he dug the hole deeper. According to Nansen Research, he lost  $100 million in Ethereum and USDT playing at crypto casinos like Stake, Bitcasino, and others. The dots begin to join and Binance’s unveiling of the misappropriation of customer funds now seems to make sense.

How in the world did SBF decide that gambling was the best course of action for recovering the funds? It seems to me that he has terrible friends around him.  Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Source: https://www.pokcas.com/sam-bankman-fried-and-ftx-bankruptcy/

This is quite questionable. Why the hell SBF would put his money over gambling sites??? I see no point. While the references for the article you are pointing out are extremmely shaddy, I do not believe that SBF would be that stupid. In case this story is actually true, he is either having some serious gambling addiction issues or this may just well be only FUD as the media always tries to go after this sort of news and makes a lot in turn, so it is more possible to be FUD than reality.

[bitbollo]

How did they get such information? none of the indicated casinos would ever reveal such information even if they weren't approached by a failure of this magnitude. moreover, although SBF turned out to be a "bad guy!, I don't think he played that much in the casino... it seems to me pretty unrealistic....

[wheelz1200]

Sam Bankman-Fried is alleged to have lost $100M of FTX’s money at online casinos. It is, however, not the first time Bankman-Fried has lost funds either. The collapse of Terra/Luna in May caused massive losses for Sam’s Alameda Research Fund. In hopes of winning back some of the losses, it appears that Sam hit the blackjack floor with FTX money. Unfortunately, he dug the hole deeper. According to Nansen Research, he lost  $100 million in Ethereum and USDT playing at crypto casinos like Stake, Bitcasino, and others. The dots begin to join and Binance’s unveiling of the misappropriation of customer funds now seems to make sense.]Sam Bankman-Fried is alleged to have lost $100M of FTX’s money at online casinos. It is, however, not the first time Bankman-Fried has lost funds either. The collapse of Terra/Luna in May caused massive losses for Sam’s Alameda Research Fund. In hopes of winning back some of the losses, it appears that Sam hit the blackjack floor with FTX money. Unfortunately, he dug the hole deeper. According to Nansen Research, he lost  $100 million in Ethereum and USDT playing at crypto casinos like Stake, Bitcasino, and others. The dots begin to join and Binance’s unveiling of the misappropriation of customer funds now seems to make sense.

How in the world did SBF decide that gambling was the best course of action for recovering the funds? It seems to me that he has terrible friends around him.  Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Source: https://www.pokcas.com/sam-bankman-fried-and-ftx-bankruptcy/

Because he is just some guy.  People make him out to be some smart savvy dude.  He used quick books to run his company ff sake.  He is just a small time idiot who hit it big on ftx and for some reason people used his exchange for their personal wallet with him holding the keys to that fortune.  People who kept money there are just as stupid as Sam is/was.  Dude gonna sit in the Bernie madoff cell now. 

[Lucasgabd]

That would be crazy and really irresponsible
Wouldn’t doubt it may be true

I think the most outraging fact is seeing Ross in jail and Sam released after paying a 150 million fine (or was it 250?)

Shows up how the system works

[Zackgeno96]

Unfortunately, this happens more often than people think. But often those stories do not come out and therefore do not appear in the media. It's not just that they want to pay off debt with gambling. Even people who are financially very healthy continue to gamble. They are looking for the thrill and the adrenaline. But once you're in debt, what do you do? It can be tempting to use a large fortune to gamble, but the consequences can also be that you become completely bankrupt and then the consequences are incalculable. The example of 100 million is a very large amount, by the way. And your reputation has also been seriously damaged by such a thing.

[rdluffy]

How did they get such information? none of the indicated casinos would ever reveal such information even if they weren't approached by a failure of this magnitude. moreover, although SBF turned out to be a "bad guy!, I don't think he played that much in the casino... it seems to me pretty unrealistic....

According to this website as OP posted: https://www.pokcas.com/sam-bankman-fried-and-ftx-bankruptcy/
The source of information about the possible 100m lost in gamble is: https://research.nansen.ai/article/395/daily-summary-gbtc-genesis-gemini-ftx-fallout-and-more

Take a look:

Source, the same: HERE

But I tried to find more about and you need a subscription, I don't have one. I can't find this info on the internet or twitter (at this point, someone would posted on twitter).

[maydna]

It doesn't make sense for SBF to decide like that because he should already understand that gambling is not a place to make money. Moreover, he is a businessman who owns a large company. Maybe he had bad friends who advised him to gamble to recover his funds, and he took their advice.

I never thought of gambling as a way to make money and pay off debts because it comes with many risks. We will never know if SBF has a gambling addiction or if it was just a fluke, but those actions have provided evidence that it is not a good solution to use gambling to recover funds.

[Queentoshi]

How in the world did SBF decide that gambling was the best course of action for recovering the funds? It seems to me that he has terrible friends around him.  Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

Sam always manages to be on the news somehow these days. Reading about this just reminds me of people who always turn drinking whenever they have problems, maybe for Sam, his own is gambling, that is he turns to gambling whenever he has problems. Those category of people are one of the worst set of gamblers because even when they are loosing they do not care, and are mostly gambling to find solace. Sam needs help!