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/

[1714234375]

1714234375

[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!

[acroman08]

I am really curious about the credibility of the information in the article. no offense to the OP but I am really having a hard time believing the majority of information that was written in the article. for example, if Sam Bankman really gambled and lost "$100 million in Ethereum and USDT playing at crypto casinos like Stake, Bitcasino, and others.". I would love to where and how they got this information and if the casinos can verify it.

[decodx]

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

SBF was not released from jail by paying a fine; instead, he was granted bail until the start of his trial. That's a big difference.
According to sources I read online, the bail was secured by his parents (that's 250 million, by the way) by offering their family home, or some other real estate, as collateral. Essentially, if he decides to run away before the trial starts, his family will lose their home.

[chaser15]

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?

He gambles not because of to recover funds or any lost money but because that's what he really is. He affords doing that.

It's on him and we shouldn't blame his terrible funds. Unfortunately, his gambling addiction went too far and that's the consequence of his doing.

Since I started gambling, I admit I have that purpose to recover those losses since I'm being desperate but later on, I realize that purpose was all crap and that shouldn't be the purpose of why we risk money on gambling. Right now, I'm just trying my best to have consistent wins.

[rhomelmabini]

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/

His corrupted mind was the one that decides to gamble it, seems not the reliable lad to trust your money. Even if you have terrible friends around if you're not the same as they are and puts their shoes on the customers, this wouldn't happen in the first place. I think it's an absurd way to pay off debt, gambling is just too risky having that strategy.

[Alisha-k]

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/

Frustration and fear of what will become of FTX might have triggered the action, Or since it wasn't his first time of losing big on crypto and maybe gambling bailed him out the first time he decided to give it a second shot after losing $100M on ETH and USDT at the casino. It might be a personal decision without any involvement from friends

[TheGreatPython]

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. 

That isn't what the titles say but it said sbf plays in hopes of doubling or to earn more so that he can now pay those poor customers who lost their funds. Still, it was a risky way though. He can mostly lose the remaining money he have. I think it will be better if he can use those money to partially pay his customers so that the remaining balance are going to be lowered. This will not totally discourage him next from paying again. What you first said there is still true.

This is to clean their money but fortunately, casinos invent a solution for this in the form of regulations. It's only sad that those who are not a criminal are affected with this change. They can not gamble anonymously anymore ;(.

[goaldigger]

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/

He’s a gambler even before what happened to FTX and maybe, this is already a normal situation for him.
I’m just curious if he is gambling with his own money or the money of every users who lose a lot of money on their  FTX platform, maybe someone should chase all the asset of this guy so we can at least recover some funds. Losing that much will just make things worst, I hope that justice will prevail for every victim of this bad scheme.

[TimeTeller]

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.  

That isn't what the titles say but it said sbf plays in hopes of doubling or to earn more so that he can now pay those poor customers who lost their funds. Still, it was a risky way though. He can mostly lose the remaining money he have. I think it will be better if he can use those money to partially pay his customers so that the remaining balance are going to be lowered. This will not totally discourage him next from paying again. What you first said there is still true.

This is to clean their money but fortunately, casinos invent a solution for this in the form of regulations. It's only sad that those who are not a criminal are affected with this change. They can not gamble anonymously anymore ;(.

He gambled hoping that he can come out as a winner, but he was not.
Will be giving another link for this news aside from the OP's link -

https://gbc-time.com/news/sam-bankman-fried-caught-in-losing-100m-at-online-casinos

We don't know the authenticity of this news, but where there's smoke, there's fire, right?
Maybe, he was thinking that he can resolve his financial problems with gambling.
But we all know that in gambling, you are mostly relying on your luck to hit the jackpot.
It is never an assurance to get money from gambling, hence, he added more problems to his existing financial woes.

[Johnyz]

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/

Frustration and fear of what will become of FTX might have triggered the action, Or since it wasn't his first time of losing big on crypto and maybe gambling bailed him out the first time he decided to give it a second shot after losing $100M on ETH and USDT at the casino. It might be a personal decision without any involvement from friends

This is probably a decision of an addicted gambler, imagine losing that kind of money while you are still facing a lot of issues and accusations, it takes a lot of money to do this and SBF seems not affected at all. He should not do this just to give respect to those freeze account on FTX, now I’m wondering if the funds of many are still there of the team already get it and used it for their own interest.

[serjent05]

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/

I think the idea of gambling to recover losses of FTX is just an alibi to SBF's gambling addiction.  I don't believe the story at all that he is gambling because his goal is to recover the losses of FTX.  WTH is that logic?  Take note, SBF portfolio states that SBF is an elite risk management person, so there is no way he will think that gambling is the better way to recover losses.  He is gambling because he is already a gambler and possibly addicted to gambling too.  Any excuses or reason why he gamble is just a make-believe statement so that people will tolerate his action.

It does looks like a case of compulsive gambling.

[eaLiTy]

~
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?

I am not surprised he burned $100 million in online casino's, the millions he donated to political parties and hundred of millions he spend renaming stadiums and sponsoring sports teams. One of the dumbest person i have seen in this space including the entire team that includes his girl friend and Caroline Ellison who was the CEO of Alameda Research once claimed in an interview that she used to loose millions while trading and she uses rudimentary math skills while taking a position.

[bitcampaign]

regardless of whether this source is valid or not, for some reason this stupid person thinks playing gambling can help him pay debts let alone find a replacement for user funds that he has lost, of course that is a stupid way in my opinion why he can easily get rid of it after people give him trust to him because of this problem the price of crypto crashes and it is very annoying, I hope he receives the punishment he deserves for his mistake

[BitcoinPanther]

regardless of whether this source is valid or not, for some reason this stupid person thinks playing gambling can help him pay debts let alone find a replacement for user funds that he has lost, of course that is a stupid way in my opinion why he can easily get rid of it after people give him trust to him because of this problem the price of crypto crashes and it is very annoying, I hope he receives the punishment he deserves for his mistake

He thinks that they are big to fall.  I also agree that the reason why he gamble is just a made up reason to make people think he is so much concern about the funds of people that he will do everything including gambling peoples funds to recuperate those losses.  This person utters a lot of non-sense since the day 1 of FTX collapse.  He had been lying for too long so it is too naive for us if we believe this person's reasoning. 

One thing is certain, he is into compulsive gambling.  It isn't the desire to get the back the fund of customers he losses the reason of his gambling activity but the uncontrollable urge to gamble. 

[STT]

Seems quite ironic, if he had been in finance gambling (you can bet on the price and direction of anything pretty much, this isnt legal in every country) it could have equated to a hedge against the overall decline in Bitcoin pricing.  Would almost be sensible to do so, somehow this guy was quite haphazard in his balance sheet planning and nobody said anything or noticed until it became completely unspun.    I guess thats what makes it fraud not an honest misdirection taken, he had to have been covering by forging books in some way hence the blame squarely falls on his shoulders rather then a normal bankruptcy a person could walk away from that is just unfortunate.

[OgNasty]

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/

Man...  $100,000,000 lost to Stake and other gambling casinos.  I can't wait for this movie to be made...  I only wish he had clicked the link in my signature and gambled using my referral code. 

That is such a massive amount of money.  It really shows you that kids got in control of a ton of other people's money and went absolutely nuts with power.  It's even more insane when you realize that he was doing all of this while portraying himself as an altruistic billionaire that was going to give away his fortune for the good of the people.  I can't believe he was let out on bail.  Injustice at it's finest. 

[Silberman]

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/

Simple, that happens when you have a CEO which is managing billions of dollars and that thinks that reading a book is a waste of time, SBF is the kind of person no one should have ever trusted him with a single dollar and instead he got way more money than what he knew what to do with it, so investors really need to put more attention and be way more selective about what kind of exchange to use, as the CEO of that exchange has them on their hands if they decide to fully trust him and leave their money at his exchange for a long period of time.

[dothebeats]

Dude's really pushing his limit at this point, and I think it's no longer okay that the courts are allowing this man to still walk freely and do as he pleases with what little remains of the FTX money. He already showed that he's incompetent in handling a large business, so why entrust him with large sums of money? And the worst, use casinos as an avenue to buy back whatever they lost by misappropriating and mishandling the funds? SBF is making fun of the justice system by his multiple screw ups and being loud about it and not even trying to hide it.

[nullama]

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/

I think it was a similar case with Quadriga, the founder started gambling online with the money deposited from their customers and in the end he lost it all.

Probably they think they're smart and that they can make a quick buck with no down sides. In the end it usually is not a great idea.

Gambling can be extremely addictive, and specially when you're not using your own money.

[Poker Player]

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.

The source does not seem very reliable, of course.

He gambled hoping that he can come out as a winner, but he was not.
Will be giving another link for this news aside from the OP's link -

https://gbc-time.com/news/sam-bankman-fried-caught-in-losing-100m-at-online-casinos

The link does not load, the page remains blank.

Let's see, after everything we have known, I would not be surprised, especially since there are precedents in another case.

I think it was a similar case with Quadriga, the founder started gambling online with the money deposited from their customers and in the end he lost it all.

But I prefer to wait for further confirmation from reliable sources, if any, before making a judgment.

[Oshosondy]

The link does not load, the page remains blank.

Both links are working good and load easily both on mobile and desktop browser, I am surprised you said the page remain blank.

But I prefer to wait for further confirmation from reliable sources, if any, before making a judgment.

But there are just some news that are not correct, mostly coming from a news company that published some kind of news that wants to be ahead and not common and just want to first publish what the community will find the to be true, but some remain not true at times and should not be taken seriously if not seen on other news. I too do not think that news is real at all.

But if found to be true, that is very bad of SBF.

[janggernaut]

Since no many news about that appear even on twitter it seems we can't believe 100% with the source. All we know, SBF and other FTX "admins" using their customer money to trading and also bought apartment for their employee. Even SBF has a penthouse which bought with $40million. Maybe he did gamble, but for $100M i can't sure about that.

[mindrust]

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/

Sheeit. So this smart ass CEO was a gambling addict too.

This whole thing was already a big cluster fuck and this was the icing on the cake.

A monkey with a machine gun would have made a better job at directing the events.

It seems to me SBF wasn't smart, SMF wasn't special... All he got was his parents and their political influence over other people and he used this for his own gain. Without his parents he is just another street scum.

[ethereumhunter]

We don't know if the news is true or fake, but if it did, then SBF is a man who can't think properly because using gambling to recover all his money in the company is one big mistake. Instead of recovering funds in his company, he would lose even more money and not be able to earn any money.

We have often seen many people lose at gambling. No matter how much money they use, SBF should know the risks and not take them. I would not use gambling to recover funds and pay off debts because I could lose all the money I had and develop a new problem: gambling addiction.

[BobK71]

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/

Gambling is a game of absolute uncertainty. The chances of winning as well as losing work equally. There is no way anyone can ever win certainly. Moreover, when a person like him makes such a statement, it is considered a terrible decision. SFB has taken a lot of money from investors now if he loses in any gambling how will he repay that money? It is said that you can bet as much as you can lose. Otherwise taking a big risk which could lead to its disaster.

[Gyfts]

...

I figured the story was fake. When the U.S. Department of Justice brought charges against him, I figure we'd get a small glimpse as to where the funds of FTX went and who directed those funds once the trial commences so it's useless to have stories like this that engage in gross speculation. I haven't seen a single journalist suggest that FTX funds were used to gamble on crypto casinos. He did gamble with his customers' funds and pissed away all of it when the house of cards fell down, he is responsible for that much.

[len01]

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/

I think this news is not real.
it is highly unlikely that SBF forced Gamblers to double his money and pay off all his debts. even though on the other hand SBF is too busy with its work on FTX which is very complicated and makes its day busy taking care of all these events. so I don't think SBF has time to gamble. if that were indeed the case, it would be impossible for SBF to have carelessly gambled such a large amount on that gamble.


but for me doubling money in gambling is a very bad move. when a person is in debt and gambles in hopes of winning big to pay off the debt, it looks pretty funny.
gambling is just a luxury entertainment without the expectation of victory and cannot be used as a source of multiplying money.

[coin-investor]

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?

If you have a CEO like this, then its a catastrophe waiting to happen, it's only a matter of time before a company to destruct brought by its CEO I wonder why no one leaked this information before it happen, if a CEO has this kind of mindset trying to recover his company's losses by gambling away its money then the whole company is in trouble,  Bankman may have been inspired by Fred Smith story of gambling away money left from Federal Express to salvage his company from Bankruptcy, but unfortunately it did not end well like the Federal Express CEO story.

[piebeyb]

We don't know if the news is true or fake, but if it did, then SBF is a man who can't think properly because using gambling to recover all his money in the company is one big mistake. Instead of recovering funds in his company, he would lose even more money and not be able to earn any money.

We have often seen many people lose at gambling. No matter how much money they use, SBF should know the risks and not take them. I would not use gambling to recover funds and pay off debts because I could lose all the money I had and develop a new problem: gambling addiction.

I think this SBF mode is not because of gambling but because he wants to steal and run user funds into his wallet by making scenarios of losing gambling or other cases, I don't think that he lost in gambling games I think there are other modes in it and about this FTX case, just analyzing it like my analysis in the previous MTGOX case which turned out to be a different mode than what appeared in the media

[Mr. Magkaisa]

   - I'm not sure if it's true or not in this article, but if it's true that 100M$ was lost in the casino, it's a huge mistake, especially if the funds used were from customers' funds. This is a very irresponsible attitude of the owner of FTX company, to be honest.

With this strategy that he made, it appears that what he did was a desperate move, he gambled 100M$ on this matter with no certainty.

[virasisog]

Have you ever thought of gambling as a way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?

I have never done such a thing because I believe that gambling is too risky and doing it to recover your funds or pay your debt will only add worse consequences in the future. There are other ways to pay your debt and gambling should not be your last resort because worst-case scenarios might come your way if ever you lose. Pay your debt in other ways but don't risk in gambling if you don't want to make your situation worse.

[madnessteat]

If Sam Bankman-Fried really gambled in casinos with FTX exchange users money, then he's a fool, not a crafty crook.

But I'm still inclined that his scheme to secure loans with FTT tokens turned out to be a failure, and since these tokens were secured by loans, FTX and Alameda Reserch simply became insolvent and were forced to file for bankruptcy.

I hope this scammer can't get out of this situation and spends the rest of his life in jail.  

[buwaytress]

Not surprised. Some posts ago I was talking about the lack of any kind of supervision or approval policy that was the real danger of the way FTX was run -- and embarrassing how so many old school peeps invested without checking to see if that was in place. Knew he'd used money to take risky gambles but that was on the market.

To be able to use customer funds in casinos? Damn.

[robelneo]

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/

If he's gambling for a long time and won big amounts of money in the past, the temptation to take a chance is high and tempting he thinks that if he can win he can stop the collapse of FTX, but unfortunately luck is not on his side and he learned in the worse way that you don't put your fortune in gambling and gambling to solve your financial issue is not the right thing to do.

I read that he is out on bail but he is sure to go to jail for many years, it's time to check the character of the admin of the exchange that you are trading he could be gambling the company's money like SBF.

[rahmad2nd]

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?

Many of our members here doubt the validity of the news sources you include, related to SBF. it seems, this news source is not true to the actual facts. but despite all that, what I will highlight from this post is gambling to recover funds.

Maybe, some people have done it like you said. I think it is natural when someone gambles, to recover funds and pay off debts. This story, is a very classic story. I believe, there are many people out there who do the things you say, whether it's gambling in land casinos, online, lottery, whatever it is, it's only for the purpose of recovering funds to pay off debts. I will not judge someone for it, in fact they have the right to it regardless of luck or not.

however, in fact if someone is gambling only with the aim of recovering funds, usually the opposite happens. they are increasingly shackled to more fatal damage. it is important to remember, gambling is not a place to seek wealth or to get additional income. gambling is part of the fun pastime in today's era, without expecting to get rich overnight. remember, it's usually things and mindsets like these that get a person into a gambling addiction.

[Davidvictorson]

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/

First of all just like other users have said there is scanty report on this on trusted news channels like the BBC, CNN, and other top blogs. But who knows, there may be some element of truth in this. However, the main question of the OP which is if one would gambling to win money to repay debts. I would say that it is almost the same as saying that one who borrows money to invest in crypto hoping to repay the loan once the money 2x. It is a terrible strategy and it almost never ends well. Best to stay away from debt as much as possible.

[bitcampaign]

regardless of whether this source is valid or not, for some reason this stupid person thinks playing gambling can help him pay debts let alone find a replacement for user funds that he has lost, of course that is a stupid way in my opinion why he can easily get rid of it after people give him trust to him because of this problem the price of crypto crashes and it is very annoying, I hope he receives the punishment he deserves for his mistake

He thinks that they are big to fall.  I also agree that the reason why he gamble is just a made up reason to make people think he is so much concern about the funds of people that he will do everything including gambling peoples funds to recuperate those losses.  This person utters a lot of non-sense since the day 1 of FTX collapse.  He had been lying for too long so it is too naive for us if we believe this person's reasoning. 

One thing is certain, he is into compulsive gambling.  It isn't the desire to get the back the fund of customers he losses the reason of his gambling activity but the uncontrollable urge to gamble. 

it seems he is an addict can lose that much money without feeling guilty and the latest information from the media he will be detained until the court hearing February 8 2023, hopefully he gets the punishment he deserves

[ethereumhunter]

We don't know if the news is true or fake, but if it did, then SBF is a man who can't think properly because using gambling to recover all his money in the company is one big mistake. Instead of recovering funds in his company, he would lose even more money and not be able to earn any money.

We have often seen many people lose at gambling. No matter how much money they use, SBF should know the risks and not take them. I would not use gambling to recover funds and pay off debts because I could lose all the money I had and develop a new problem: gambling addiction.

I think this SBF mode is not because of gambling but because he wants to steal and run user funds into his wallet by making scenarios of losing gambling or other cases, I don't think that he lost in gambling games I think there are other modes in it and about this FTX case, just analyzing it like my analysis in the previous MTGOX case which turned out to be a different mode than what appeared in the media

That's why we don't know exactly what happened to SBF and can only guess. The scenario may be as you say but there could also be other scenarios that will be different from all the speculations we have made. Or it could be like in the case of Mt. GOX or others. We all know that the case sparked panic among the people, keeping the market as it is today. But I think this case will evaporate without us knowing how it will end and if SBF ends up in prison, we also don't know how his life in prison will be.

[bettercrypto]

   What is SBF still panicking about using 100M$ for the casino? is this true? It could be true because he did move the funds of his investors.

I hope he just used it in the baccarat game, but somehow he can grow in this game, hehe, just kidding...
If this is true, I can't imagine that SBF also has a gambling habit. So this is very wrong because it was not his money that was used but there is a high chance that it was the money of his investors.

[Pierre 2]

I feel like it can't be true at first look because you wouldn't expect someone in his position to gamble money to recover funds. But in second thought, you wouldn't expect someone to kill 2nd biggest crypto exchange business... Just connect the dots guys. It is obvious he made some stupid mistake and noone ever warned it. It actually makes sense if he wasted huge amount of money through gambling. Guy is weirdo.

[cryptomaniac_xxx]

I think it's not about losing money, it's about feeling very powerful at that time and saw that gambling could be a good test for him to gamble some of his money and see if he can won and pay the debt.

But it's obvious a wrong decision on his end, and now he has to suffer all the consequences as everyone is turning back on him.

Another lesson that if you have money, wealth and power, you should ground yourself and still make the right decision for you and your family.

[nullama]

I think it's not about losing money, it's about feeling very powerful at that time and saw that gambling could be a good test for him to gamble some of his money and see if he can won and pay the debt.

But it's obvious a wrong decision on his end, and now he has to suffer all the consequences as everyone is turning back on him.

Another lesson that if you have money, wealth and power, you should ground yourself and still make the right decision for you and your family.

Absolutely, and of course I think that's actually illegal, to gamble with other people's money.

But we'll have to see what happens in the courts actually...

[blockman]

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?

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

[Baofeng]

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?

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

Same here, but I will admit that sometimes I'm tempted to gamble to pay my debt but it shouldn't be the case always, we should gamble what we can afford to lose.

Anyhow, I was not aware that SBF is a gambler per se, or this is just moment when he says, I will go gamble and recover the money that I have lost. And it's interesting to see which platform he uses though (or maybe we will not know this, or perhaps this could be mentioned in his trial).

Anyhow, another expensive lessons not to gamble to repay someone, there could be ways to pay your debt to others but gambler will just put your feet in the grave if you do it.

[maydna]

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?

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

Agreed. Gambling is not a good way to make money but a good way to lose money. If someone has experienced despair, he will do anything to solve the problem. But instead of being able to solve his problems, he will instead get new problems later so that his problems will increase without him being able to solve even one problem. That later can trigger a case of compulsive gambling where he will not be able to stop gambling because he only imagines he can win a lot of money from gambling. But the reality is that he will only get a lot of losses from that gamble.

[mvdheuvel1983]

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?

There are much better ways to repay your loan than gambling. It is only a naive person that chooses to gamble. SBF needs good people around him that will tell him the truth and not just what he wants to hear. Wishing gambling shops can run some sort of assessment that would prevent those who owe money from gambling, this would save the individuals from doom.

[Hispo]

-snip-

There are much better ways to repay your loan than gambling. It is only a naive person that chooses to gamble. SBF needs good people around him that will tell him the truth and not just what he wants to hear. Wishing gambling shops can run some sort of assessment that would prevent those who owe money from gambling, this would save the individuals from doom.

There are better ways but I suspect he wanted to have money as soon as possible and was not willing to go through traditional processes in order to get money (aka working or leading FTX in a proper manner). Also, I suspect this is not about a bad friend around him telling him reckless stuff, but rather HE being the bad friend dragging all people around down the abyss and the exchange as well.

[madnessteat]

^

Judging by the term of imprisonment he may be sentenced, he was the center of decision-making in all these fraudulent schemes. As I understand it, he took a lot of risks when he took huge loans against unsecured tokens. So lately I quite admit that he took a risk in gambling to try his luck and try to pay back his debts. After all, if he wanted to launder money through casinos, he obviously wouldn't have contacted casinos that require KYC.

What surprised me the most was that he was placed under house arrest. I'm sure he has separate wallets where he keeps the stolen money.

[Saisher]

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?

I think he has a weak character and is very impulsive to think that he can win in gambling and save his company from bankruptcy, that's the worse decision any CEO can make to save a company, he deserves to be in jail, I thought Luna is the biggest fiasco but this one is the biggest of them all and halted the momentum of the market, just imagine the amount over $10 billion and he scammed over 5 million users of FTX, I feel sorry for all the users many of them put their life savings in this platform.

[Hispo]

^

-snip-
What surprised me the most was that he was placed under house arrest. I'm sure he has separate wallets where he keeps the stolen money.

He paid a 250 million bail, if I remember correctly. I am not sure whether he paid it himself or his family.
I agree with you, though, it is surprises me he was offered bail at all and probably still have some private keys worth of millions of dollars from his former clients, whose Christmas were ruined by him and his recklessness.

IRS and FBI better check his accounts as well, since he is likely a criminal.

[darkangel11]

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?

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

If you try that it's most likely a downward spiral. People who are in debt and still gambling usually can't think straight. They need it so much that they will be too scared or too nervous to make anything out of that money they have left.

Also, having a goal of how much you need to win to leave the table is a bad idea. One day you may happen to win big but that's going to be 70% of the money you need and you won't stop you'll keep going and turn this around into a total loss. People who have no goals and feel no pressure are the best gamblers.

It's funny that the media called this guy smart, that he was supposed to be an MIT graduate. This guy is a complete idiot and a narcissist on top of it. I bet his parents paid for his diploma.

[dothebeats]

I think it's not about losing money, it's about feeling very powerful at that time and saw that gambling could be a good test for him to gamble some of his money and see if he can won and pay the debt.

But it's obvious a wrong decision on his end, and now he has to suffer all the consequences as everyone is turning back on him.

Another lesson that if you have money, wealth and power, you should ground yourself and still make the right decision for you and your family.

Except that the money isn't his, and he still spent it thinking that it will give him something. Perhaps the lesson here is that you shouldn't gamble money that is basically not yours, and not use money that isn't named unto you legally in order to not cause trouble to other people and get in trouble yourself. SBF made mistakes after mistakes, and it seems that he's allowed to do this because prosecuting him takes too long to gather footing even though the courts have all the evidence in the world to arrest him on the spot. Not all people have the same privileges as him, that's why I view him as a dick trying to push the limits of his fame and fortune.

[blockman]

Never, no assurance and you'll just add more burden to what you're about to pay. In such desperate situations, gambling is the way for those people that have been f*cked up totally.
No ways of recovery that much money and that's why gambling is the way, every single plan has been totally out of their hand and it's uncontrollable.

Same here, but I will admit that sometimes I'm tempted to gamble to pay my debt but it shouldn't be the case always, we should gamble what we can afford to lose.

Anyhow, I was not aware that SBF is a gambler per se, or this is just moment when he says, I will go gamble and recover the money that I have lost. And it's interesting to see which platform he uses though (or maybe we will not know this, or perhaps this could be mentioned in his trial).

Anyhow, another expensive lessons not to gamble to repay someone, there could be ways to pay your debt to others but gambler will just put your feet in the grave if you do it.

There will be times though when someone can no longer afford to pay the debts and to make a solution to them, gambling is the way. But I don't know how many are there that have been successful on this one. I also have no idea that SBF was a gambler but imagine someone who owns an exchange company, people deposit money in his company and here he goes, gambling with people's money. It's fate that's making him deserve what he is up to right now.

Agreed. Gambling is not a good way to make money but a good way to lose money. If someone has experienced despair, he will do anything to solve the problem. But instead of being able to solve his problems, he will instead get new problems later so that his problems will increase without him being able to solve even one problem. That later can trigger a case of compulsive gambling where he will not be able to stop gambling because he only imagines he can win a lot of money from gambling. But the reality is that he will only get a lot of losses from that gamble.

Yeah, as he tries to find solutions, he has just generated another problem that will sum up to the ones that he's having right now. And we saw how it all happened. It's his ignorance what drives him into this situation and it seems that he has no remorse to it.

If you try that it's most likely a downward spiral. People who are in debt and still gambling usually can't think straight. They need it so much that they will be too scared or too nervous to make anything out of that money they have left.

Also, having a goal of how much you need to win to leave the table is a bad idea. One day you may happen to win big but that's going to be 70% of the money you need and you won't stop you'll keep going and turn this around into a total loss. People who have no goals and feel no pressure are the best gamblers.

It's funny that the media called this guy smart, that he was supposed to be an MIT graduate. This guy is a complete idiot and a narcissist on top of it. I bet his parents paid for his diploma.

It's really funny that I also admired him before but knowing that he's done these things and effin' up right now, I have lost my admiration for him. This only shows that the media can really make someone good without knowing in the public but then, it's also one of the quickest way to have someone fall.

[carlfebz2]

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/

Gambling is never been a good solution on trying out to break even on what you had lost whether on gambling itself or from investment or something like that.Its never been a good option for someone to take.
You are really just trying out to make things even worst on where you could possibly messed up the entire situation if ever you do lost that money.If you do win then it would lessen out the problem
but we know the real essence of gambling which is risk is higher than chances of winning which it would probably making the situation getting more worst.
If you do have this kind of option or solution in mind then its better to avoid or completely cut-it.If SBF did really done such stuff then im not surprised.

[Fivestar4everMVP]

How in the world did SBF decide that gambling was the best course of action for recovering the funds?

I will not believe this to be true, except there are proofs and evidences attached, this is because the media is awashed with fake news, publisher take advantage of popular incidents as this to get more clicks to their website, and for this, they are ready to do anything, even if it means lying, which is what I clearly see here.

But on the other hand, if I should assume this to be true, then it's still not a new thing, I remember the CEO of FedEx ones gambled with the last money his company had, and luckily for him, what he won from that gambling saved his company and today, FedEx is one of the biggest courier company in the entire world.
Maybe SBF wanted to recreate that history again but unfortunately, luck wasn't on his side.

[crzy]

^

-snip-
What surprised me the most was that he was placed under house arrest. I'm sure he has separate wallets where he keeps the stolen money.

He paid a 250 million bail, if I remember correctly. I am not sure whether he paid it himself or his family.
I agree with you, though, it is surprises me he was offered bail at all and probably still have some private keys worth of millions of dollars from his former clients, whose Christmas were ruined by him and his recklessness.

IRS and FBI better check his accounts as well, since he is likely a criminal.

That’s a huge money and losing 100 million to gambling tells a lot, SBF is not bankrupt yet and probably still have the money from every investors they have scammed. I don’t believe that he gamble to repay debt, most probably he’s a real gambler and just wanted to enjoy all his money. SBF should be held liable for what happened, the court should not let him bailed but since money is power, SBF is roaming around freely.

[pixie85]

How in the world did SBF decide that gambling was the best course of action for recovering the funds?

I will not believe this to be true, except there are proofs and evidences attached, this is because the media is awashed with fake news, publisher take advantage of popular incidents as this to get more clicks to their website, and for this, they are ready to do anything, even if it means lying, which is what I clearly see here.

But on the other hand, if I should assume this to be true, then it's still not a new thing, I remember the CEO of FedEx ones gambled with the last money his company had, and luckily for him, what he won from that gambling saved his company and today, FedEx is one of the biggest courier company in the entire world.
Maybe SBF wanted to recreate that history again but unfortunately, luck wasn't on his side.

He's known to be a gambler.

There was an interview with him where the guy asked him if he would play a game of double or nothing (basically a dice with 50% probability) and he said that he would. This is what he was doing, playing with leverage using customer's funds, but Luna bankruptcy liquidated him. Technically it liquidated Alameda but SBF was Alameda, there's no doubt about it.

This guy thought to be one of the smartest people in the world, the youngest billionaire... I'm glad it ended the way it ended for him. One less idiot with power in this world.

[Sithara007]

~~~
I'm glad it ended the way it ended for him.
~~~

I don't understand this. The FTX customers are the losers here. Sam didn't lost anything and he was flying on business class two days ago after being granted bail. Now it is clear that he will not spend even one day in jail, despite stealing almost $10 billion from the FTX clients. It ended in a way which is extremely beneficial for him. The idiots who trusted him and kept their money in FTX accounts are the ones who got royally screwed. His bail was set at $250 million. For him it wasn't very hard to set up the bail from the stolen assets.

https://liveandletsfly.com/bankman-fried-american-airlines/

[nullama]

~~~
I'm glad it ended the way it ended for him.
~~~

I don't understand this. The FTX customers are the losers here. Sam didn't lost anything and he was flying on business class two days ago after being granted bail. Now it is clear that he will not spend even one day in jail, despite stealing almost $10 billion from the FTX clients. It ended in a way which is extremely beneficial for him. The idiots who trusted him and kept their money in FTX accounts are the ones who got royally screwed. His bail was set at $250 million. For him it wasn't very hard to set up the bail from the stolen assets.

https://liveandletsfly.com/bankman-fried-american-airlines/

That is quite incredible, but actually it seems that the system usually goes like this.

The 2008 financial crisis was a bit similar really, the "normal" people lost everything while the people in power who made those decisions didn't lose anything at all.

And these things keep happening every few years.

[Don Pedro Dinero]

He's known to be a gambler.

I see that some have questioned the source of the OP, I'll post a couple of links that reaffirm what you say:

Sam Bankman-Fried Caught in Losing $100M at Online Casinos

The former co-CEO of Sam Bankman-Fried's Alameda crypto trading firm was a risk-loving, poker-playing gambler

So it does appear that at least some of the depositors' funds were lost by gambling in the casino.

I don't understand this. The FTX customers are the losers here. Sam didn't lost anything and he was flying on business class two days ago after being granted bail. Now it is clear that he will not spend even one day in jail, despite stealing almost $10 billion from the FTX clients. It ended in a way which is extremely beneficial for him. The idiots who trusted him and kept their money in FTX accounts are the ones who got royally screwed. His bail was set at $250 million. For him it wasn't very hard to set up the bail from the stolen assets.

Don't talk rubbish. He's not finished to begin with, bail doesn't mean he won't go to jail. He will go to jail and he won't be able to spend the money there.

[Sithara007]

Don't talk rubbish. He's not finished to begin with, bail doesn't mean he won't go to jail. He will go to jail and he won't be able to spend the money there.

What happened to Mark Karpelès after he stole $650 million in 2014? He didn't spent a single day in jail. The same will happen with Sam Bankman as well. And we are talking about a guy who has deep pockets and strong connections to the ruling establishment. Mark my words, even if he goes to jail (very unlikley), it will be a hogwash and he will be out in a matter of days. Now compare his case with that of Ross Ulbricht. Ross is jailed for life without a possibility of parole, because he tried to challenge the system. Sam Bankman is a part of the system and he will never be harmed.

[Accardo]

Exactly why SBF spent $100 million gambling in an online Casino like Stake, and the news didn't disseminate around authority blogs is still debatable, if the news is framed or genuine. Responding outside the box of SBF, using gambling as a vehicle to recover lost money is a plan to fail again. A person like SBF should think ahead of a better investment that'll yield him profits other than gambling. If he disburses $100 million to customers its a good beginning than losing everything at a casino. Coming back to SBF and the news, the keyword SBF has about 43 million search results, so blogs and sites would want to tap from the heavy traffic. It's most likely to be a false news.

[openthebible]

The former billionaire wasn’t shy about his interest in league of legends, either (although he is admittedly bad at the game). He wrote about gambling league in one long thread posted on Twitter last year, saying, “I gamble a lot more than you’d expect from someone who routinely balances sleep versus work. Why? Well there is an answer that is obvious. The most common thing about LoL is that everyone who plays it says they wish they hadn’t.”

http://ustoday.news/according-to-riot-games-sam-bankman-frieds-love-for-league-of-legends-is-hurting-the-brand/

The guy was clearly into gambling and gaming.

[judeafante]

Don't talk rubbish. He's not finished to begin with, bail doesn't mean he won't go to jail. He will go to jail and he won't be able to spend the money there.

What happened to Mark Karpelès after he stole $650 million in 2014? He didn't spent a single day in jail. The same will happen with Sam Bankman as well. And we are talking about a guy who has deep pockets and strong connections to the ruling establishment. Mark my words, even if he goes to jail (very unlikley), it will be a hogwash and he will be out in a matter of days. Now compare his case with that of Ross Ulbricht. Ross is jailed for life without a possibility of parole, because he tried to challenge the system. Sam Bankman is a part of the system and he will never be harmed.

Mark Karpeles's case is very much different from Sam Bankman's case based on Wikipedia

The Court acquitted Karpelès on a number of other charges, including embezzlement and aggravated breach of trust, based on its belief that Karpelès had acted without ill intent.

How can Bankman prove to the court that he acted without ill content when he is the sole responsibility for what happened to FTX and the news that he gambles away investors' money will definitely put him in jail, its a serious injustice if he will not get a sentence, the only way he can get out of a jail sentence is for him to pay all his investors and the fine, which we all doubt that he can.

[Frankolala]

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/

SBF is still a youth and does not understand so many things in business due to his low mentality in the field. How will he think that he can gamble to regain back his lost from his business. He is so dumb and needs to learn his lesson in a hard way for gambling with customers funds in his custody.

This man has so many bad influencer around him that are making him to think so. All the money he donated,are we sure that those funds are not his customers funds that he was using for a charitable work. Gamble only on what you can afford to loose and not with peoples hard earned money or borrowed money. FTX crash started from SBF.

[qwertyup23]

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/

No and I will never ever try to gamble in order to recover my funds into something. But in all honesty, a person who frequently gambles always thinks of recovering their losses via gambling again in the same establishment. I call this as the "cycle of gambling" where a person, regardless if he wins or losses, would most likely gamble again. If he wins, he will try to continue his luck; or if he losses, he will try to recover such by gambling again.

This kind of practice should absolutely be discouraged due to its very risky nature- not knowing if you would be able to recover your funds in the process. If you have a debt, better invest or work in order to recover them slowly but surely.

[coolcoinz]

This is surely something people expected of him after all the details of his management came out. Dude was only interested in stealing money and laundering them through donations, paid spokespeople and such. He claims to be completely broke and if it's true the guy paid 15 million to one of his shills and without having a backup fund of a few mill just in case. It's like that guy from a joke who bought a wallet with his last money. This drama is going to follow us for years and I'm sure we'll get a few more interesting stories out of it.

[Cling18]

This is surely something people expected of him after all the details of his management came out. Dude was only interested in stealing money and laundering them through donations, paid spokespeople and such. He claims to be completely broke and if it's true the guy paid 15 million to one of his shills and without having a backup fund of a few mill just in case. It's like that guy from a joke who bought a wallet with his last money. This drama is going to follow us for years and I'm sure we'll get a few more interesting stories out of it.

He's into scamming and fooling people so we can't expect anything but drama and fake issues. He's making noise to attract attention again and to gain sympathy for what he's doing which is actually a desperate move. Gambling can't help us recover our funds and it can't also be a solution to our debt. It will only pull us deeper into debt.

[Lucasgabd]

Even though it’s really hard to trust Sam after all he did I’d need at least some kind of proof to believe on OPs claims

Seems like Sam was busy enough the last weeks being in jail and avoiding jail
(You know. Flying first class, probably bribing some politicians, so forth and so on)

[Yatsan]

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.

Well maybe, that was due to his frustrations. Problem is; you won't be able to be certain of your victory in gambling industry. Maybe he just tried his luck out of being frustrated with his losses from projects but bottomline here is creating a problem out of an existing problem won't result to a solution. This is the as with lending an amount and paying it with another lended money from another person; the idea simply emphasizes that it would be an unending loop. Losing is more certain in gambling unless you are lucky. It will always be luck. And as many people have said in this topic, if this is true then he just created a worse scenario.

This is surely something people expected of him after all the details of his management came out. Dude was only interested in stealing money and laundering them through donations, paid spokespeople and such. He claims to be completely broke and if it's true the guy paid 15 million to one of his shills and without having a backup fund of a few mill just in case. It's like that guy from a joke who bought a wallet with his last money. This drama is going to follow us for years and I'm sure we'll get a few more interesting stories out of it.

He's more of an irresponsible project owner on my end but I guess not with stealing people's money. There is I think a difference.

[famososMuertos]

I think that the fact that FTX was or is so serious plight does not necessarily have to fall on a gambling board for the mere fact of mentioning that it bet $100kk in Casinos, that does not change its irresponsibility, connection with fraud, etc..

If you take $100 of your family budget to bet, it is no less relevant than $100kk. I mean... is just as bad as doing it to hundreds of thousands of people (families), it just changes your perspective.

I think it is the interesting point to discuss here, on this board, on the other hand, all the other things that are said are conjectures, because if you take $100kk that do not belong to you and in the hypothetical case that you manage to double, and then you return it, you stole $100kk and then you laundered the money and you obtained an additional $100.kk that is the product of ill-gotten money, and we return to the initial point, the OT on OP, why this story have to fall here, what doing point this story relates to gambling, nothing.

[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.

-snip-

Well maybe, that was due to his frustrations.

Frustrations? It could be, but I seriously doubt that he even feel remorse or regret because the pain he has inflicted to this industry and his clients.
I believe he even planned to attend crypto and economical lectures after the collapse of his exchange, just further proof he likely view himself as an misunderstood genius or something similar. 

A misunderstood genius with 250 million in his pocket to pay bail.

[abel1337]

If this news is true. Then it's confirmed that SBF is really an insane person. How could a business man use his own company money in a gambling activity? This is what gambling addicts tends to do. They don't think straight on what might the outcome maybe. Even if he losses money from the LUNA collapse, A proper business man wouldn't do anything crazy like this given that the risk is high and there are other things where they can make revenue on. The mismanagement he did in his own company is over the top.

[Woodie]

If CEOs have easy access to such sums of money belonging to its clients and no controls to stop a senior personnel like Sam from having this access should be a red card.. as responsibility structures should have existed in the company to prevent this! And why was an accountant not in the picture of such a transaction which should have required several signatures to authorize the transaction before leaving company accounts This misappropriation or abuse of power is the reason he lost his clients money to gambling and everyone knows that only gamble with money you can afford to lose, otherwise this was a selfish move by SBF and should pay for his sins!!

[nullama]

If CEOs have easy access to such sums of money belonging to its clients and no controls to stop a senior personnel like Sam from having this access should be a red card.. as responsibility structures should have existed in the company to prevent this! And why was an accountant not in the picture of such a transaction which should have required several signatures to authorize the transaction before leaving company accounts This misappropriation or abuse of power is the reason he lost his clients money to gambling and everyone knows that only gamble with money you can afford to lose, otherwise this was a selfish move by SBF and should pay for his sins!!

Many companies make money by lending their customers coins, so they actually need to have access to those coins to lend them.

And the CEO might probably have full access to everything.

Doesn't mean it's the right thing, but that it doesn't surprise me that they had access.

[Lanatsa]

If CEOs have easy access to such sums of money belonging to its clients and no controls to stop a senior personnel like Sam from having this access should be a red card.. as responsibility structures should have existed in the company to prevent this! And why was an accountant not in the picture of such a transaction which should have required several signatures to authorize the transaction before leaving company accounts This misappropriation or abuse of power is the reason he lost his clients money to gambling and everyone knows that only gamble with money you can afford to lose, otherwise this was a selfish move by SBF and should pay for his sins!!

Many companies make money by lending their customers coins, so they actually need to have access to those coins to lend them.

And the CEO might probably have full access to everything.

Doesn't mean it's the right thing, but that it doesn't surprise me that they had access.

Come to mind that this is how Banking sector works on which banks are letting people do store and save up their money but eventually they are really just applying those loans for higher interest than on what
they have been giving out some dividend or annual interest into their depositors and this is how do business works which it isnt surprising.So SBF did the same thing on using up those funds,
thing here is that he's not owning a bank which we know that regulation is something that strict and have some assurances but rather he's running and exchange and talking
ethically which he doesnt have the rights on using up their users funds on the first place on something stupid idea on what he had in mind.

[Hydrogen]

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.

Was this SBF's attempt to turn FTX into a profitable enterprise? Or was it an extension of his league of legends recreational gaming?

If I remember correctly, his MIT degree was in mathematics. At the very least, he should have been able to apply the law of large numbers and similar principles in an attempt to quanticize his gambling strategy. Unfortunately for him, gambling isn't pure math. There are other branches of science which apply. With the main goal being accuracy. This implies pursuing and developing relationships with fact and truth. Which can run contrary to the ideology some embrace. Some prefer feelings and emotions over facts. Which could be guaranteed to result in a losing run as far as gambling is concerned.

If SBF has access to social media in prison, I will look forward to him talking more about his attempts to apply math to gambling. It should be interesting to say the least.

[Woodie]

Snip

Many companies make money by lending their customers coins, so they actually need to have access to those coins to lend them.

And the CEO might probably have full access to everything.

This business model of a bank or a business using its customers funds works because it's cheap financing to start with but not forgetting there is accountability for all these funds used to gain some profit. Now in SBFs case the man was using funds for one's personal needs like gambling which is criminal and not forgetting he has been linked with funding of his political friends which clearly shows this isn't his rodeo.

[Sithara007]

How can Bankman prove to the court that he acted without ill content when he is the sole responsibility for what happened to FTX and the news that he gambles away investors' money will definitely put him in jail, its a serious injustice if he will not get a sentence, the only way he can get out of a jail sentence is for him to pay all his investors and the fine, which we all doubt that he can.

Judges are the biggest criminals nowadays. Here we have a man who stole $10 billion of money from his clients. And the judge sets the bail at $250 million, which is immediately posted by his parents (in all probability from the stolen funds) and the very next day he travels to his home in a business class flight ticket. So my question is, if I steal $1 million from someone, can I ask the judge to give me bail in return of $25,000? Law should be equal for everyone, right? Trust me, Sam Bankman is not going to jail and he is going to enjoy his looted wealth without any trouble.

[Fundamentals Of]

Is this really unbelievable to you? Although it is indeed surprising for a CEO of a large company handling other people's money, it is actually not surprising for many people to try their luck in gambling so that they could have the money that they badly need. It is true that many people gamble to make money either to pay their debts or their obligations. It is wrong of course. It is even stupid. But it is also true. It's not just Sam Bankman-Fried who risked money he doesn't own. There are many of them. Even some among us here probably risked money that is also intended for something else.

[Silberman]

Don't talk rubbish. He's not finished to begin with, bail doesn't mean he won't go to jail. He will go to jail and he won't be able to spend the money there.

What happened to Mark Karpelès after he stole $650 million in 2014? He didn't spent a single day in jail. The same will happen with Sam Bankman as well. And we are talking about a guy who has deep pockets and strong connections to the ruling establishment. Mark my words, even if he goes to jail (very unlikley), it will be a hogwash and he will be out in a matter of days. Now compare his case with that of Ross Ulbricht. Ross is jailed for life without a possibility of parole, because he tried to challenge the system. Sam Bankman is a part of the system and he will never be harmed.

This is what worries me, the guy not only has the money but he has connections everywhere which can make a case like this to go away, I hope it does not happen but the more I think about it the more likely it seems, and if this were to happen the worst part would be that while he walks away free from this debacle to enjoy all the money he stole, those that remain and are part of this community will have to go through new and more heavy regulations all because of him.

[Hispo]

-snip-

-snip-

This is what worries me, the guy not only has the money but he has connections everywhere which can make a case like this to go away, I hope it does not happen but the more I think about it the more likely it seems, and if this were to happen the worst part would be that while he walks away free from this debacle to enjoy all the money he stole, those that remain and are part of this community will have to go through new and more heavy regulations all because of him.

Indeed those political donations he made with other people's money may come handy now he sees himself in this sticky situation.
All I can say is we all must be ready to cope if this guy goes away with this blatant theft and mismanagement of money, he ruined lifes and make ours a bit more difficult by giving reasons for the most powerful governments on the planet to toughen regulation.

If he wanted to feel the thrill of gambling he just needed to create an account on Stake and play with his own pennies.
Truly, law is only for those who are not rich enough.  

[Sithara007]

If he wanted to feel the thrill of gambling he just needed to create an account on Stake and play with his own pennies.
Truly, law is only for those who are not rich enough.  

Compare the media coverage of FTX scandal with what we had when Ross Ulbricht was arrested. I found the media coverage of Sam Bankman sickeningly positive about him. They conducted multiple interviews with him, and tried to paint him as an innocent victim. On the other hand, Ross Ulbricht was not a liberal and therefore he was painted as a demon. This guy stole $10 billion from cryptocurrency users around the world and even after all the commissions and bribes, I guess he will be left with at least 50% of that amount for himself to enjoy.

[Fundamentals Of]

-snip-

-snip-

This is what worries me, the guy not only has the money but he has connections everywhere which can make a case like this to go away, I hope it does not happen but the more I think about it the more likely it seems, and if this were to happen the worst part would be that while he walks away free from this debacle to enjoy all the money he stole, those that remain and are part of this community will have to go through new and more heavy regulations all because of him.

Indeed those political donations he made with other people's money may come handy now he sees himself in this sticky situation.
All I can say is we all must be ready to cope if this guy goes away with this blatant theft and mismanagement of money, he ruined lifes and make ours a bit more difficult by giving reasons for the most powerful governments on the planet to toughen regulation.

If he wanted to feel the thrill of gambling he just needed to create an account on Stake and play with his own pennies.
Truly, law is only for those who are not rich enough.  

Why should a billionaire like him play with his own pennies? That's small time. He can't reach his goals with baby steps. He's got millions of his own personal money to squander in casinos. Not only that, he also has access to the billions of money that his clueless customers deposited in his exchange. He must have thought he could use them to try recovering what he lost after Terra collapsed. And yes, he actually used Stake as one of his gambling platforms of choice.

[Yaunfitda]

-snip-

-snip-

This is what worries me, the guy not only has the money but he has connections everywhere which can make a case like this to go away, I hope it does not happen but the more I think about it the more likely it seems, and if this were to happen the worst part would be that while he walks away free from this debacle to enjoy all the money he stole, those that remain and are part of this community will have to go through new and more heavy regulations all because of him.

Indeed those political donations he made with other people's money may come handy now he sees himself in this sticky situation.
All I can say is we all must be ready to cope if this guy goes away with this blatant theft and mismanagement of money, he ruined lifes and make ours a bit more difficult by giving reasons for the most powerful governments on the planet to toughen regulation.

If he wanted to feel the thrill of gambling he just needed to create an account on Stake and play with his own pennies.
Truly, law is only for those who are not rich enough.  

Why should a billionaire like him play with his own pennies? That's small time. He can't reach his goals with baby steps. He's got millions of his own personal money to squander in casinos. Not only that, he also has access to the billions of money that his clueless customers deposited in his exchange. He must have thought he could use them to try recovering what he lost after Terra collapsed. And yes, he actually used Stake as one of his gambling platforms of choice.

Ok, so he is a Stake user after all, no wonder, one of the most established and the old school as far as crypto betting is concern. Nevertheless, it's very wrong to think that gambling will solved his problems, on the contrary we have seen it just make it worst for him. But I guess that time he doesn't care, he thinks that no one will discover it or at least he can hide it tell he won big and was able to pay back the money he owe to his customer. However, another lesson for us to learn that gambling is not the answer, because obviously it's a big gamble and the odds are pretty much against you here. And in the case of SBF, maybe everything really are wrong in the beginning that's why it collapses and billions of money wipe out in an instant.

[Sithara007]

Why should a billionaire like him play with his own pennies? That's small time. He can't reach his goals with baby steps. He's got millions of his own personal money to squander in casinos. Not only that, he also has access to the billions of money that his clueless customers deposited in his exchange. He must have thought he could use them to try recovering what he lost after Terra collapsed. And yes, he actually used Stake as one of his gambling platforms of choice.

He feels that he can do whatever he want, without having to face any consequences. He was conducting an interview after the collapse of FTX from Bahamas, and this was his facial expression:

The name of this guy should be changed from Sam Bankman Fried to Sam Bankman Fraud. Look at him laughing during the interview. It is clear that he feels a lot of contempt towards the ordinary users who lost their life savings. Now he is flying in business class and gambling away hundreds of millions of USD. Tells a lot about the arrogance and lack of accountability.

[makishart]

I don't understand this. The FTX customers are the losers here. Sam didn't lost anything and he was flying on business class two days ago after being granted bail. Now it is clear that he will not spend even one day in jail, despite stealing almost $10 billion from the FTX clients. It ended in a way which is extremely beneficial for him. The idiots who trusted him and kept their money in FTX accounts are the ones who got royally screwed. His bail was set at $250 million. For him it wasn't very hard to set up the bail from the stolen assets.

The bad side from centralized exchange site was the transparency. All of funds were not transparent and these funds kept in the hot wallets which owned by the exchange site and so once the platform faces a big problem like that and then the owner can run away with whole of money. FTX customers were just users of platforms that thought that if that was a trusted platform. Decentralized exchange site the same possibility. We can't really sure to trust the human nor code created by human.
The source looks unreliable for me. Sam was gambling customer's funds through alameda. SBF also said that he used mostly of funds to buy robinhood shares. I don't even think that the news that already published by OP was coming from a reliable source

[_act_]

The bad side from centralized exchange site was the transparency. All of funds were not transparent and these funds kept in the hot wallets which owned by the exchange site and so once the platform faces a big problem like that and then the owner can run away with whole of money. FTX customers were just users of platforms that thought that if that was a trusted platform. Decentralized exchange site the same possibility. We can't really sure to trust the human nor code created by human.
The source looks unreliable for me. Sam was gambling customer's funds through alameda. SBF also said that he used mostly of funds to buy robinhood shares. I don't even think that the news that already published by OP was coming from a reliable source

It is true that the problem of exchanges is that customers just only trust the exchange owner which supposed not to be, as the customers coins are not transparently stored on a wallet, even proof of reserve can still be manipulated and nothing should be trusted about those centralised exchanges. But people are always warned not to leave their coins on exchanges but they do not, they still prefer to safe their coins on an exchange where their coins are not safe.

I do not consider that news to be true, but also we do not not know how true it is or even if it is true at all.

[btc_angela]

Why should a billionaire like him play with his own pennies? That's small time. He can't reach his goals with baby steps. He's got millions of his own personal money to squander in casinos. Not only that, he also has access to the billions of money that his clueless customers deposited in his exchange. He must have thought he could use them to try recovering what he lost after Terra collapsed. And yes, he actually used Stake as one of his gambling platforms of choice.

He feels that he can do whatever he want, without having to face any consequences. He was conducting an interview after the collapse of FTX from Bahamas, and this was his facial expression:

That is the classic definition of egotistical individual, manipulative the most and think that they can do anything and get away with it, including billions from it's customers and then he can repay them back by just gambling their money again. It's good though that he was exposed this early and not drag more people and suffer the worst in the coming months. Anyhow, he is in jail and there are news that there are death threats as well but we are not sure how reliable that news it. Maybe they wanted to spin it around and shows that he is the victim here, classic manipulation.

[Sithara007]

~~~
Anyhow, he is in jail and there are news that there are death threats as well but we are not sure how reliable that news it.
~~~

Bankman Fraud is not in jail. He spent only a few hours in remand custody and was quickly released to "house arrest" by judge Gabriel W. Gorenstein. He immediately purchased a business class flight ticket to travel to his Palo Alto(California) home and is spending his time devouring gourmet seafood and doing online gambling. His parents have arranged top-class security for him, paid by stolen money. His attorney has announced that he will enter plea sometime next week. There are 8 charges of fraud and conspiracy against him and he has the option to either plead guilty or fight the charges.

[Jating]

~~~
Anyhow, he is in jail and there are news that there are death threats as well but we are not sure how reliable that news it.
~~~

Bankman Fraud is not in jail. He spent only a few hours in remand custody and was quickly released to "house arrest" by judge Gabriel W. Gorenstein. He immediately purchased a business class flight ticket to travel to his Palo Alto(California) home and is spending his time devouring gourmet seafood and doing online gambling. His parents have arranged top-class security for him, paid by stolen money. His attorney has announced that he will enter plea sometime next week. There are 8 charges of fraud and conspiracy against him and he has the option to either plead guilty or fight the charges.

Regardless though, I think he might be in jail for a long time if proven guilty, and it seems this might be the case. I mean, the US shouldn't allow this kind of personality to get a bail and then roam around and probably win the case.

I'm thinking he will fight the charges, either case, it's a lose-lose for him, in my opinion. And hopefully justice could be served here not just for those big investors he screw up, but just ordinary crypto enthusiast.

[QueenVera]

I wouldn't really say or think of this as a compulsive gambling because nonome is a baby not even SBF  but I think and also agree with you that he has a really bad and negative companies around him because I see no reason why someone in possession of the hard earned money of customers even think of going into gambling if not the friends he has around him.
One thing I've learnt in a very hard way in gambling and also thabof trading is the fact that I will never use money that's not mine or money I can't afford to lose to gamble or even trade because I know of the risk involved and gambling which most times is a game of luck shouldn't be attempted with money one can't afford to lose.

[Fortify]

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/

It's fascinating to see the destruction that these pop-up billionaires cause, their wealth exploded but they were actually really clueless when it came to finance and business. You could say this is ironic because the risky bets that led to the implosion of FTX were trading related which can be as risky as any casino, but I guess not when it's only other peoples money you're wasting. It'll be interesting if the auditors follow the money to these casinos and force them to pay it back, because you just know that they had flagged this user and should have been doing further checks when such large sums of money were being splurged out of nowhere. Yet another in a long line of terrible plays by this guy.

[piebeyb]

We don't know if the news is true or fake, but if it did, then SBF is a man who can't think properly because using gambling to recover all his money in the company is one big mistake. Instead of recovering funds in his company, he would lose even more money and not be able to earn any money.

We have often seen many people lose at gambling. No matter how much money they use, SBF should know the risks and not take them. I would not use gambling to recover funds and pay off debts because I could lose all the money I had and develop a new problem: gambling addiction.

I think this SBF mode is not because of gambling but because he wants to steal and run user funds into his wallet by making scenarios of losing gambling or other cases, I don't think that he lost in gambling games I think there are other modes in it and about this FTX case, just analyzing it like my analysis in the previous MTGOX case which turned out to be a different mode than what appeared in the media

That's why we don't know exactly what happened to SBF and can only guess. The scenario may be as you say but there could also be other scenarios that will be different from all the speculations we have made. Or it could be like in the case of Mt. GOX or others. We all know that the case sparked panic among the people, keeping the market as it is today. But I think this case will evaporate without us knowing how it will end and if SBF ends up in prison, we also don't know how his life in prison will be.

usually those who have a lot of money always have a special place in jail, I hope he really spends his money in gambling and not making classic dramas that other big crypto cases have done hiding users' money somewhere only he knows, but let's wait for further news about his fate later in the trial later

[BobK71]

I wouldn't really say or think of this as a compulsive gambling because nonome is a baby not even SBF  but I think and also agree with you that he has a really bad and negative companies around him because I see no reason why someone in possession of the hard earned money of customers even think of going into gambling if not the friends he has around him.
One thing I've learnt in a very hard way in gambling and also thabof trading is the fact that I will never use money that's not mine or money I can't afford to lose to gamble or even trade because I know of the risk involved and gambling which most times is a game of luck shouldn't be attempted with money one can't afford to lose.

I don't know how true this news even OP shows a reference. But such thinking in this position is somewhat insane. The truth is that those who are with him cannot be honest at all. When planning to bet on countless people's wealth I'd say is just addiction. When his addiction will be over, everything can be normal again. The matter is that if money is lost for any reason during this period, it will not be possible to recover. I think he will be punished by the law. However, the investigation is going against him and according to the report, the relevant agencies will take appropriate action for the scandal.

[serveria.com]

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/

Holy moly, when I thought he can't make things worse it turns out he can! And I don't believe in his noble attempt to recover lost funds for the customers! It seems he's a gambling addict. $100m oh my god! That's a boatload of money!  

[Casdinyard]

Funny how they pin the blame to CZ for "initiating a bank run" when all the dots align at SBF committing multiple acts of war cime against his supporters right from the get-go. FTX isn't a small-scale business enterprise for him to be making rash decisions like this, and even if rhat were the case the fact that he is misusing the funds of his customers is already an act against thereof. So good job to people who blame CZ for this, initiating bank runs over bank runs against binance to test how well they are prepared, but I think this will be a smooth court case and SBF, provided that no one gets bribed, will receive appropriate sanctions according to law. Time for him to face the comeuppance.

[milewilda]

Why should a billionaire like him play with his own pennies? That's small time. He can't reach his goals with baby steps. He's got millions of his own personal money to squander in casinos. Not only that, he also has access to the billions of money that his clueless customers deposited in his exchange. He must have thought he could use them to try recovering what he lost after Terra collapsed. And yes, he actually used Stake as one of his gambling platforms of choice.

He feels that he can do whatever he want, without having to face any consequences. He was conducting an interview after the collapse of FTX from Bahamas, and this was his facial expression:
-

The name of this guy should be changed from Sam Bankman Fried to Sam Bankman Fraud. Look at him laughing during the interview. It is clear that he feels a lot of contempt towards the ordinary users who lost their life savings. Now he is flying in business class and gambling away hundreds of millions of USD. Tells a lot about the arrogance and lack of accountability.

He had made out himself to be caught or imprisoned so that everything would really be cleared up and since he know that he does have the money then he knows that he can able to get out.
It would really be pissed out to those people who had been affected with this fraud.Its true that his last name should be changed to "Fraud" instead of Fried. That name suits him well.
Speaking about repaying debt via gambling would really be just making things even more worst. How can or where we would be able to see those recent updates
in relation with SBF?

[o48o]

-cut-
Sam Bankman-Fried is alleged to have lost $100M of FTX’s money at online casinos.
-cut-

It would be interesting to know where i could read more about him using FTX money to gamble and not his own? I mean he must had $100 spending money at some point so it would make sense he used his own money. It would have been way more difficult to take company money for that. And i know this seems ridicilous as they lost billions but for something like that it would be just insane. They could easily track it and he would have risked jail just for that. Especially if he has his own money to spend.

[STT]

laughing during the interview

I think he is probably taking drugs by that point, did he get paid for the interview or I wonder what was the point especially.   PR attempts when its possible fraud charges on that scale seems pointless, he might as well wait for the legal sparring between his council and opposing to start to find out his future destination.    Most likely I suppose is he really is that arrogant to believe its a case of talking his way out of it, a compulsive liar, delusional for many years something ego driven I guess being very rich can result in dangerous levels of self confidence.

[Fundamentals Of]

Why should a billionaire like him play with his own pennies? That's small time. He can't reach his goals with baby steps. He's got millions of his own personal money to squander in casinos. Not only that, he also has access to the billions of money that his clueless customers deposited in his exchange. He must have thought he could use them to try recovering what he lost after Terra collapsed. And yes, he actually used Stake as one of his gambling platforms of choice.

He feels that he can do whatever he want, without having to face any consequences. He was conducting an interview after the collapse of FTX from Bahamas, and this was his facial expression:

The name of this guy should be changed from Sam Bankman Fried to Sam Bankman Fraud. Look at him laughing during the interview. It is clear that he feels a lot of contempt towards the ordinary users who lost their life savings. Now he is flying in business class and gambling away hundreds of millions of USD. Tells a lot about the arrogance and lack of accountability.

I guess it pays off to donate nice amounts to politicians. This is a bad precedent but it really looks like this is what Scam Bankman-Fraud is reaping right now. He sowed some niceties to the powerful, he got some niceties from them in return. Imagine this man scammed millions of people of their billions, but he's free and he even seems having fun with all his blunders.

With all the protection that he's getting right now despite his crimes, I won't be surprised if he still continues to gamble until now with people's money.

[Sithara007]

I guess it pays off to donate nice amounts to politicians. This is a bad precedent but it really looks like this is what Scam Bankman-Fraud is reaping right now. He sowed some niceties to the powerful, he got some niceties from them in return. Imagine this man scammed millions of people of their billions, but he's free and he even seems having fun with all his blunders.

With all the protection that he's getting right now despite his crimes, I won't be surprised if he still continues to gamble until now with people's money.

Bankman Fraud is having powerful friends and it makes a lot of difference in the end. And this is why Ross Ulbricht is in jail for life without any possibility of parole and Bankman Fraud is in his home enjoying Beluga caviar. The joke is that now he is claiming that he is receiving death threats. And this will allow him to have even more exceptions. With every passing day, the legal system in the United States is proving to be a joke. And they don't care about the money this guy stole because most of the investors were ordinary people. None of the politicians or bankers lost any money when FTX went down.

[goldkingcoiner]

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/

I love this post so much I want to frame it with a nice golden frame and hang it on my wall.

Just when one thinks that Sam-Bankman-Fried is not only a scammer but a incompetent scammer. An incompetent scammer who lost $100 million USD and is now serving "house arrest" at his mommy's house. His bed is probably a racecar. No mentions of his girlfriend, who I heard was the one who ratted him out to the police. Which is why I guess we have not heard about her arrest in the news.  

[nullama]

~snip~
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/

That's pretty much what a lot of gamblers end up doing.

They try to recover their losses by gambling more, which ends up being a terrible idea most of the time since now they lost even more money.

Also it's easier to spend other people's money than yours.

[Wexnident]

Well, that was dumb. I guess he was planning to pull something similar to the owner of FedEx or something. Now that's a life lesson you should stick with, not with FedEx, but with SBF and him trying to copy the case of FedEx. There's nothing dumber than trying to copy the "luck" of anyone. Rather unfortunate for people who endorsed FTX.

Anw I guess the general populace should start thanking him really, he taught people a few important things. One, don't store your cryptos in exchanges, and two, don't copy lucky people when it comes to gambling! A mighty expensive lesson though in this case, but for those who were unaffected by the impact, that's free lessons for you.

[Sithara007]

Is there any truth in this tweet?

https://twitter.com/GRDecter/status/1608535353824092162

Genevieve Roch-Decter (CEO of a financial media company) has made the allegation that Sam Bankman Fraud diverted $100 million from the customer funds to invest in a company called "Dave". As you can see from the tweet, the share prices have tanked by more than 95%. Those who want to track this stock can visit this link from Yahoo Finance:

https://finance.yahoo.com/quote/dave/

Currently trading at $0.27. Reached a peak of $15.3460 back in January 2022. Jason Wilk is the CEO and Kyle Beilman is the CFO. Who are these people?

[wxa7115]

laughing during the interview

I think he is probably taking drugs by that point, did he get paid for the interview or I wonder what was the point especially.   PR attempts when its possible fraud charges on that scale seems pointless, he might as well wait for the legal sparring between his council and opposing to start to find out his future destination.    Most likely I suppose is he really is that arrogant to believe its a case of talking his way out of it, a compulsive liar, delusional for many years something ego driven I guess being very rich can result in dangerous levels of self confidence.

When someone can lie during all their life and get away with it then it can be understood they believe they can do it once again.

And it is obvious that with the money he has, his lawyers and his political contacts that he believes he can just ignore the law and do whatever he wants, and if we are as objective as we can it is not as if he is completely mistaken, since there is a real possibility that he could walk away as a free man after all of this, and we can only hope the prosecution does a good job and justice is served.

[Ben Barubal]

Well, that was dumb. I guess he was planning to pull something similar to the owner of FedEx or something. Now that's a life lesson you should stick with, not with FedEx, but with SBF and him trying to copy the case of FedEx. There's nothing dumber than trying to copy the "luck" of anyone. Rather unfortunate for people who endorsed FTX.

Anw I guess the general populace should start thanking him really, he taught people a few important things. One, don't store your cryptos in exchanges, and two, don't copy lucky people when it comes to gambling! A mighty expensive lesson though in this case, but for those who were unaffected by the impact, that's free lessons for you.

     At least with FEDEX, at least it's a small amount that within just one if I'm not mistaken, he grew the money he gambled.

It is NOT like what SBF has done which is worth 100m$ more money from the funds of their investors. This person will do anything just to get away with his stupidity. It's not fair what he's doing if it's true.

[Unsoldier]

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/

I have never heard of SBF playing in a casino. I think this article is a fake. Probably the author of the article plays in casinos and he thinks all people are gamblers. But that's his speculation. SBF will not pay back his investors and he understands that. His main concern is not to get a big prison sentence, not to get back at the casino.

[maydna]

~snip~
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/

That's pretty much what a lot of gamblers end up doing.

They try to recover their losses by gambling more, which ends up being a terrible idea most of the time since now they lost even more money.

Also it's easier to spend other people's money than yours.

True, it was easier to spend other people's money, especially if he could run away after spending it. But if it is true that he chose to gamble to recover his funds and pay off his debts, that is the wrong way, and we have seen what happened to him. It may seem simple to think of gambling, winning and bringing a lot of money back. But that's not the scenario because, in gambling, there is no guarantee that someone will get the big win as expected. But instead, it will give you a big defeat if the goal is to get a big win. But of course, there are many rumours about this SBF and a lot of people talking about it.

[noormcs5]

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/

If this news is true, then I am afraid SBF needs to be admitted in a mental hospital if he thinks that gambling can recover his funds. I mean how on the earth is this possible?

No one is ever able to pay their debts with gambling, as gambling is not a source of income, it is just a time passing activity where earning money is just a bonus. Believe me, he will lose whatever is left with him if he decided to gamble the remaining funds.

[uneng]

If this news is true, then I am afraid SBF needs to be admitted in a mental hospital if he thinks that gambling can recover his funds. I mean how on the earth is this possible?

No one is ever able to pay their debts with gambling, as gambling is not a source of income, it is just a time passing activity where earning money is just a bonus. Believe me, he will lose whatever is left with him if he decided to gamble the remaining funds.

That is an expected behavior from a sociopath. The guy has no respect and consideration for other people. Since it wasn't his own money he risked that large chunk of 100$ million in gambling. News like this make me more angry yet to see this guy isn't arrested and paying customers back, rather he is tranquil at home, going out, travelling, as nothing had happened, as is his girlfriend, because he had money from customers to pay for his bail. Now the mental disorder card must be the perfect excuse his lawyers will play in worst case, but I think that is a too mild conclusion for this case.

[o48o]

I have never heard of SBF playing in a casino. I think this article is a fake. Probably the author of the article plays in casinos and he thinks all people are gamblers. But that's his speculation. SBF will not pay back his investors and he understands that. His main concern is not to get a big prison sentence, not to get back at the casino.

I saw this, and one other article about this month ago, and for some reason i never questioned about the authenticity of it until now
Becaise when i tried to google about this, but found only that he has allegedly done this and no one has dig more info about this in month.

From what i know this hasn't even came up in hearings, reddit post about this has been removed as they do sometimes when they are not fact checked.
So i am starting to think you might be right. People believe anything when it suits their narrative of SBF being an reckless.

[UmerIdrees]

I have never heard of SBF playing in a casino. I think this article is a fake. Probably the author of the article plays in casinos and he thinks all people are gamblers. But that's his speculation. SBF will not pay back his investors and he understands that. His main concern is not to get a big prison sentence, not to get back at the casino.

I saw this, and one other article about this month ago, and for some reason i never questioned about the authenticity of it until now
Becaise when i tried to google about this, but found only that he has allegedly done this and no one has dig more info about this in month.

From what i know this hasn't even came up in hearings, reddit post about this has been removed as they do sometimes when they are not fact checked.
So i am starting to think you might be right. People believe anything when it suits their narrative of SBF being an reckless.

With this news of SBF looking to recover funds by playing gambling tell us the childish and irresponsible nature of this man. He was the owner of one of the biggest exchanges and people trusted this ill man.

I also lost some money in FTX along with many other users. We will never forgive this man, as he has played with our money and with our emotions. He deserves a lifetime imprisonment.  

[decodx]

Well, that was dumb. I guess he was planning to pull something similar to the owner of FedEx or something.
<...>

Yeah... I almost forgot about the inspiring story of the FedEx owner and his risky gamble that ultimately saved the company. But, in contrast, it seems that Sam has taken the opposite approach and ended up in a less favorable situation.

[openthebible]

I have never heard of SBF playing in a casino. I think this article is a fake. Probably the author of the article plays in casinos and he thinks all people are gamblers. But that's his speculation. SBF will not pay back his investors and he understands that. His main concern is not to get a big prison sentence, not to get back at the casino.

I saw this, and one other article about this month ago, and for some reason i never questioned about the authenticity of it until now
Becaise when i tried to google about this, but found only that he has allegedly done this and no one has dig more info about this in month.

From what i know this hasn't even came up in hearings, reddit post about this has been removed as they do sometimes when they are not fact checked.
So i am starting to think you might be right. People believe anything when it suits their narrative of SBF being an reckless.

It has nothing to do with fact-checking.
The guy is clearly a degenarate and multiple articles even pinpointed the casinos has was playing at.

No wonder why so many people lost money, most modern-day people can't read basic body language and need 50 sources to confirm something.
Sometimes you need to think for yourself and use your own head or other people will manipulate you.

https://ftxcollapse.org/breaking-news-sbf-lost-over-100m-gambling-at-online-casinos/

[RealMalatesta]

When someone can lie during all their life and get away with it then it can be understood they believe they can do it once again.

And it is obvious that with the money he has, his lawyers and his political contacts that he believes he can just ignore the law and do whatever he wants, and if we are as objective as we can it is not as if he is completely mistaken, since there is a real possibility that he could walk away as a free man after all of this, and we can only hope the prosecution does a good job and justice is served.

It is the system that kept him going for so long, and that means there is nothing to charge SBF with that isn't allowed him to go on this long. If you do not want people like him to do things like this, then you should be preventing him to do it in the first place and not after he already did it.

I understand impulsive crimes, but when you are talking about someone who steals the user funds for a long time, for many months and maybe even for over a year, and you jail them afterwards? That feels like maybe nobody wanted to stop him at all. If there was proper auditing going on, then it would have been realized long time ago and not allowed to begin with and we wouldn't have this problem.

[noormcs5]

I also lost some money in FTX along with many other users. We will never forgive this man, as he has played with our money and with our emotions. He deserves a lifetime imprisonment.  

Not only you, but everyone last lost funds in that exchange. Also, those who were holding FTT tokens also have to face a severe loss.
We all are looking to hear any good news of the recovery of the funds from FTX, but news like SBF trying to gamble, just disappoints us and after hearing such news all hopes get vanish.

By the way, I heard he was sent to jail, so how could he still have access to FTX funds and how can he gamble while remaining in Jail? Is this all drama?

[CryptoYar]

Sam Bankman-Fried is alleged to have lost $100M of FTX’s money at online casinos.[...]

I really had no idea that Sam Bankman-Fried is a gambler and he also gambled with his customer's money and lost $100M. Thank you OP for sharing this.

Have you ever thought of gambling as way to recover your funds and pay your debts?

Nope, in my personal opinion, when you are in dire need of money, most of the times you lose therefore it would be better to look around for better options.

[BobK71]

I also lost some money in FTX along with many other users. We will never forgive this man, as he has played with our money and with our emotions. He deserves a lifetime imprisonment.  

Not only you, but everyone last lost funds in that exchange. Also, those who were holding FTT tokens also have to face a severe loss.
We all are looking to hear any good news of the recovery of the funds from FTX, but news like SBF trying to gamble, just disappoints us and after hearing such news all hopes get vanish.

By the way, I heard he was sent to jail, so how could he still have access to FTX funds and how can he gamble while remaining in Jail? Is this all drama?

It could possibly be a rumor. Because expecting such news from a responsible stage is very unusual. And it is not possible to use steal money from the investors for gambling. Because if he does this, another legal action may be brought against him. And knowing and understanding he will never want to do that. Because he is currently suffering from various legal complications. There are many doubts about it, is it true or false?

[openthebible]

This happened before he went to jail.

Here is a pic of him enjoying cards:
https://i.ibb.co/XWdLp4P/0x0.jpg

[ethereumhunter]

This happened before he went to jail.

Here is a pic of him enjoying cards:

What if he was holding cards while discussing with his friends because I saw someone's feet in front of him.

We also don't know if the photo shows him playing gambling with his friends and making bets as reported or if it is an old photo. The photo doesn't show any money and it doesn't look like there is a table to put the cards on either. And while that's true, I think he's out of his mind because gambling doesn't give you fast money.

[Fivestar4everMVP]

This happened before he went to jail.

Here is a pic of him enjoying cards:

What if he was holding cards while discussing with his friends because I saw someone's feet in front of him.

We also don't know if the photo shows him playing gambling with his friends and making bets as reported or if it is an old photo. The photo doesn't show any money and it doesn't look like there is a table to put the cards on either. And while that's true, I think he's out of his mind because gambling doesn't give you fast money.

Or maybe this is a photoshop, since the collapse of FTX and SBF going bankrupt, several persons have use his pic for several kinds of meme creation, I've seen some photos where the head of a different person is removed and replaced with the head of SBF in a bid to confirm some he did or did not do.
So I personally do not completely believe this pic openthebible shared here as it could likely be one of those photoshopped pics

[serjent05]

I also lost some money in FTX along with many other users. We will never forgive this man, as he has played with our money and with our emotions. He deserves a lifetime imprisonment.  

Not only you, but everyone last lost funds in that exchange. Also, those who were holding FTT tokens also have to face a severe loss.
We all are looking to hear any good news of the recovery of the funds from FTX, but news like SBF trying to gamble, just disappoints us and after hearing such news all hopes get vanish.

By the way, I heard he was sent to jail, so how could he still have access to FTX funds and how can he gamble while remaining in Jail? Is this all drama?

It could possibly be a rumor. Because expecting such news from a responsible stage is very unusual. And it is not possible to use steal money from the investors for gambling. Because if he does this, another legal action may be brought against him. And knowing and understanding he will never want to do that. Because he is currently suffering from various legal complications. There are many doubts about it, is it true or false?

The gamblig stuff happens when SBF is still out of jail.  Besides it doesn need a rocket science to gamble when you are at home, it it needs is a mobile gadget to play in a casino platform.  And recently, SBF is about to bail out so he is free with some conditions.

About the fund, I think during these time of gambling story, SBF have fund in a separate wallet which is accessible anytime he wanted to.  If the accusation is true that SBF gambled funds, I think it still falls to misappropriation of funds category.

[Hispo]

This happened before he went to jail.

Here is a pic of him enjoying cards:

What if he was holding cards while discussing with his friends because I saw someone's feet in front of him.

We also don't know if the photo shows him playing gambling with his friends and making bets as reported or if it is an old photo. The photo doesn't show any money and it doesn't look like there is a table to put the cards on either. And while that's true, I think he's out of his mind because gambling doesn't give you fast money.

Is it my imagination or that in front on his trading setup is a box of disposable paper tissues?  
A bottle of hand sanitizer (lube?) and a mini fan?

What kind of trading was this guy actually doing? I would not be surprised if that is the same set up he used to play on several poker tables at the same time when no one was watching, Jesus Christ.
 

[nullama]

~snip~
Is it my imagination or that in front on his trading setup is a box of disposable paper tissues?  
A bottle of hand sanitizer (lube?) and a mini fan?

What kind of trading was this guy actually doing? I would not be surprised if that is the same set up he used to play on several poker tables at the same time when no one was watching, Jesus Christ.
 

I think you might actually be right... 

In any case, I would say it's the people's responsibility to remove their money from an exchange. If you keep your money in control of some random person, that random person will do whatever they want with it.

[crwth]

That’s definitely one of the things that you need to take care of with yourself. I’m gambling with somebody else’s money and then knowing that you are responsible for it, and still continue to do it. I can’t believe I had hopes with him making FTX great exchange. I remember seeing those charity on the banners and made it feel like they are really interested in helping people, but it’s the other way around.

Never recover, something that would be more harder like gambling. Just accept your loss and find another way.

[ethereumhunter]

This happened before he went to jail.

Here is a pic of him enjoying cards:

What if he was holding cards while discussing with his friends because I saw someone's feet in front of him.

We also don't know if the photo shows him playing gambling with his friends and making bets as reported or if it is an old photo. The photo doesn't show any money and it doesn't look like there is a table to put the cards on either. And while that's true, I think he's out of his mind because gambling doesn't give you fast money.

Or maybe this is a photoshop, since the collapse of FTX and SBF going bankrupt, several persons have use his pic for several kinds of meme creation, I've seen some photos where the head of a different person is removed and replaced with the head of SBF in a bid to confirm some he did or did not do.
So I personally do not completely believe this pic openthebible shared here as it could likely be one of those photoshopped pics

That's why there is a saying that a picture has a million meanings

There are a lot of memes about FTX and SBF that have been circulating in public and there are a lot of rumors that say a lot of information about them. But unfortunately, we won't know which information is true and which is false because it's not easy to get true news.

This happened before he went to jail.

Here is a pic of him enjoying cards:

What if he was holding cards while discussing with his friends because I saw someone's feet in front of him.

We also don't know if the photo shows him playing gambling with his friends and making bets as reported or if it is an old photo. The photo doesn't show any money and it doesn't look like there is a table to put the cards on either. And while that's true, I think he's out of his mind because gambling doesn't give you fast money.

Is it my imagination or that in front on his trading setup is a box of disposable paper tissues?  
A bottle of hand sanitizer (lube?) and a mini fan?

What kind of trading was this guy actually doing? I would not be surprised if that is the same set up he used to play on several poker tables at the same time when no one was watching, Jesus Christ.
 

Each trader probably has a lot of items on their table. So it's possible he purposely left disposable paper towels, a bottle of hand sanitizer, and a mini fan. But for me, I will install an air conditioner or at least a big fan so that my room feels comfortable in analyzing the market.

If he was gambling, what should be on his monitor are gambling sites instead of trading charts. Or he has tricked many people

[len01]

This happened before he went to jail.

Here is a pic of him enjoying cards:

What if he was holding cards while discussing with his friends because I saw someone's feet in front of him.

We also don't know if the photo shows him playing gambling with his friends and making bets as reported or if it is an old photo. The photo doesn't show any money and it doesn't look like there is a table to put the cards on either. And while that's true, I think he's out of his mind because gambling doesn't give you fast money.

Or maybe this is a photoshop, since the collapse of FTX and SBF going bankrupt, several persons have use his pic for several kinds of meme creation, I've seen some photos where the head of a different person is removed and replaced with the head of SBF in a bid to confirm some he did or did not do.
So I personally do not completely believe this pic openthebible shared here as it could likely be one of those photoshopped pics

I also thought the same thing after the FTX collapse a lot of people edited SBF photos as funny memes from Photoshop and appeared several times on social media that I found.
and I also thought if that's true SBF is holding poker cards but as a rich FTX owner why does the room look like a mess and not like a boss. because usually a boss will have a clean and luxurious room not messy.

but back to the first topic that gambling is expecting big wins or big profits with the concept of paying off debts, that's a really stupid thing to do. because gambling is not a place for multiplying money instantly and tend to continue to lose.

[Jating]

^^ It doesn't matter though if that picture has been doctored or photoshop, the mere fact that he has gamble the money of others, not literally the gambling that he had to bet on a gambling site or casino, just playing along the money that he doesn't owns and loaning it to others, that is already gambling per se to me.

And if by chance he really took the money of other people and gamble it bigtime and think he will win and be able to payback, then something is really wrong with this guy. Specially given the powers that he had that time, billions of dollars, maybe he thinks he can get away with it without any consequences.

[mindrust]

^^ It doesn't matter though if that picture has been doctored or photoshop, the mere fact that he has gamble the money of others, not literally the gambling that he had to bet on a gambling site or casino, just playing along the money that he doesn't owns and loaning it to others, that is already gambling per se to me.

And if by chance he really took the money of other people and gamble it bigtime and think he will win and be able to payback, then something is really wrong with this guy. Specially given the powers that he had that time, billions of dollars, maybe he thinks he can get away with it without any consequences.

Seriously though, exchanges should stop playing hedge fund with their customers' money. These people are not depositing money so the exchange can make leveraged trades and make even more money. They don't have this right. This is outright a fraud.

FTX wasn't the first exchange to play pump and dump with the money they don't own and it is not going to be the last one.

How do we know if binance isn't doing the same thing? I wouldn't believe a word coming out of CZ's mouth tbh.

[bangjoe]

Of course, gambling is not a good thing to return that much money, even though I also sometimes win at gambling but the losses I get are far more than what I get from gambling.
especially if you use the user's money (other people) and hope to get the max win so you can pay for the losses of the users in the company.

I think that's too ridiculous for a well-known blockchain project developer, that's how genius SBF's brain is in managing debt payments and solving problems, if so, he will be the butt of ridicule by his friends, and in fact, many do that.

[fullhdpixel]

Of course, gambling is not a good thing to return that much money, even though I also sometimes win at gambling but the losses I get are far more than what I get from gambling.
especially if you use the user's money (other people) and hope to get the max win so you can pay for the losses of the users in the company.

I think that's too ridiculous for a well-known blockchain project developer, that's how genius SBF's brain is in managing debt payments and solving problems, if so, he will be the butt of ridicule by his friends, and in fact, many do that.

Gambling is not about losing money but it's because having fun. If you are always worried about how much you already lost then you are gambling the wrong way. Using the money of someone else without their consent is also wrong. This is why people must be careful and to easily trust a CEX because they don't know if what the exchange is doing with their funds. Gambling and hoping to win max is hard.

If we will insist to chase it then we will only lose. This is one of the beauty or the design of a gambling business. It makes greedy people even become more greedy when they think about their potential winning or profit but they disregard the risk factor.

[o48o]

What if he was holding cards while discussing with his friends because I saw someone's feet in front of him.

We also don't know if the photo shows him playing gambling with his friends and making bets as reported or if it is an old photo. The photo doesn't show any money and it doesn't look like there is a table to put the cards on either. And while that's true, I think he's out of his mind because gambling doesn't give you fast money.

Also there's the issue what he was supposedly playing card games online. It would be hard to say the least, to lose $100M allegedly company money to your friends at your house.

Is it my imagination or that in front on his trading setup is a box of disposable paper tissues?  
A bottle of hand sanitizer (lube?) and a mini fan?
-but-

Could be also box of masks. Had sanitizer makes sense and there's nothing wrong having paper tissues on front of your computer, many people do.

[sunsilk]

especially if you use the user's money (other people) and hope to get the max win so you can pay for the losses of the users in the company.

I think that's too ridiculous for a well-known blockchain project developer, that's how genius SBF's brain is in managing debt payments and solving problems, if so, he will be the butt of ridicule by his friends, and in fact, many do that.

That's the craziest part of it.

SBF ended up thinking that he'll get a lot of money back through gambling. That's why people that have deposited on FTX and have their money there, don't want to gamble because the risk is higher than trading or by just parking it there.

Well, the genius has came out of the cave and started to make freaky things out of people's money. That's what money can do if you don't own it yet you started to lose it with your wrongly deed.

[AmoreJaz]

especially if you use the user's money (other people) and hope to get the max win so you can pay for the losses of the users in the company.

I think that's too ridiculous for a well-known blockchain project developer, that's how genius SBF's brain is in managing debt payments and solving problems, if so, he will be the butt of ridicule by his friends, and in fact, many do that.

That's the craziest part of it.

SBF ended up thinking that he'll get a lot of money back through gambling. That's why people that have deposited on FTX and have their money there, don't want to gamble because the risk is higher than trading or by just parking it there.

Well, the genius has came out of the cave and started to make freaky things out of people's money. That's what money can do if you don't own it yet you started to lose it with your wrongly deed.

we don't know if he was thinking logically by such move, because it was known that he has some drug issues to treat his depression or ADHD. so for me, it affects his way of thinking and not surprised if he resorted to this move just to recover losses. however, such move was dangerous as he used the billion-dollar money of his clients. good if you are just using thousands of dollars but we are talking billion dollar here at the very least. if you are not living high profile with such amount, i don't know what that is.

[romero121]

Of course, gambling is not a good thing to return that much money, even though I also sometimes win at gambling but the losses I get are far more than what I get from gambling.
especially if you use the user's money (other people) and hope to get the max win so you can pay for the losses of the users in the company.

I think that's too ridiculous for a well-known blockchain project developer, that's how genius SBF's brain is in managing debt payments and solving problems, if so, he will be the butt of ridicule by his friends, and in fact, many do that.

He shouldn't have done it. We don't know, how far this is true. Many people have this behaviour, even I've done it earlier. When we're in a losing streak and we need money to gamble. Some coincidence happened and my friend gave money to keep it with me, and return while he ask. I gambled with the hope of recovering what I've lost earlier. Now I've lost my money and my friends. The same had happened with SBF, but the bet amount is different in a much higher scale 

[ChiBitCTy]

This guy is a complete and utter moron and I can't believe that so many were willing to do business around him let along work in the upper ranks of his company without spilling the beans, which would have been the proper thing to do.  This is coming from the same guy who said reading books is stupid, so the fact that he tried to gamble his way back in to the black, is not shocking what so ever.  This guy better rot in a jail cell for a very long time.

[uneng]

This guy is a complete and utter moron and I can't believe that so many were willing to do business around him let along work in the upper ranks of his company without spilling the beans, which would have been the proper thing to do.  This is coming from the same guy who said reading books is stupid, so the fact that he tried to gamble his way back in to the black, is not shocking what so ever.  This guy better rot in a jail cell for a very long time.

This guy was put where he was by someone else, because he definitely couldn't make his way through by himself. It's really not surprising he was gambling with customers' funds, as that is the smartest idea that could come from his mind in order to fix the mess he put everyone into. I think the most shocking part of the whole story is that the media gave him the status of phenomenon and prodigy boy. It would be funny if it wasn't tragic...

[Fivestar4everMVP]

This guy is a complete and utter moron and I can't believe that so many were willing to do business around him let along work in the upper ranks of his company without spilling the beans, which would have been the proper thing to do.  This is coming from the same guy who said reading books is stupid, so the fact that he tried to gamble his way back in to the black, is not shocking what so ever.  This guy better rot in a jail cell for a very long time.

This guy was put where he was by someone else, because he definitely couldn't make his way through by himself. It's really not surprising he was gambling with customers' funds, as that is the smartest idea that could come from his mind in order to fix the mess he put everyone into. I think the most shocking part of the whole story is that the media gave him the status of phenomenon and prodigy boy. It would be funny if it wasn't tragic...

Like i said before, if indeed he resorted to gambling as a way to try to fix up the mess he got himself and every one into, i think he wouldn't be the first to do this.
Like we all know or some of us know, Fred Smith, the then CEO of FedEx saved his company from bankruptcy through playing blackjack in las Vegas, So i have no doubt that SBF have heard this story and decided to attempt the same thing to see if he could be as lucky as Fred Smith, but unfortunately for him, it seems that luck wasnt just on his side.

[davis196]

1.This might be fake news.
2.If this news is actually true, then SBF is an idiot. So many people in the crypto world praised Bankman-Fried as some kind of genius. It seems like SBF is the complete opposite of a genius.
We can't predict what is happening in a desperate person's mind. Some people start acting totally dumb and irrational, when they lose control over the situation in their lives.
SBF could've pumped &dumped some dead shitcoin in order to recover some of the losses. FTX/Alameda had enough money to do such thing.
The profits would have been way bigger. I know it's unethical and probably illegal, but doing such thing is way smarter than wasting millions of dollars on gambling.

[sunsilk]

especially if you use the user's money (other people) and hope to get the max win so you can pay for the losses of the users in the company.

I think that's too ridiculous for a well-known blockchain project developer, that's how genius SBF's brain is in managing debt payments and solving problems, if so, he will be the butt of ridicule by his friends, and in fact, many do that.

That's the craziest part of it.

SBF ended up thinking that he'll get a lot of money back through gambling. That's why people that have deposited on FTX and have their money there, don't want to gamble because the risk is higher than trading or by just parking it there.

Well, the genius has came out of the cave and started to make freaky things out of people's money. That's what money can do if you don't own it yet you started to lose it with your wrongly deed.

we don't know if he was thinking logically by such move, because it was known that he has some drug issues to treat his depression or ADHD. so for me, it affects his way of thinking and not surprised if he resorted to this move just to recover losses. however, such move was dangerous as he used the billion-dollar money of his clients. good if you are just using thousands of dollars but we are talking billion dollar here at the very least. if you are not living high profile with such amount, i don't know what that is.

He's already out of his mind and that type of thinking while you're owning a business that's related to finance and crypto, you're not really thinking logically with that.

Having some drug issues might probably have released him out of his right mind and that's why he's going with this resort that might get him some bail.

But, wherever you look at it, that's not really a good thinking when you're the owner of a big organization. He probably had accepted it already that he's out of it.

[Fortify]

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?

You blame this on "terrible friends around him" yet seem to discount the possibility that this was all his idea and he willfully committed to it? If you're friends with a billionaire and you say "don't do that" then he will probably drop you in order to find another person that does not oppose him, he had all the power in that sort of friendship dynamic. All of the things we're seeing now show that he was a bit naive but is also quite devious in certain aspects. Instead of being happy with a steady income and owning an exchange, he wanted to accrue way more money by engaging in extra trading activity with customer funds, which is what led to his ultimate downfall - he was gambling in many different ways.

[BobK71]

Anyone can behave abnormally if an established business collapses or disappears in a moment. Here SBF is doing the same. But i was skeptical from the start that such news was strictly true or not. Because online portals have been publishing articles without any information or data lately, this kind of news can raise doubts which is very normal. However, the behavior of SBF is somewhat questionable. It is believed that he will take a greater risk in such a decision. It is good if he wins from the gambling but he must know what might happen if he loses.

[aioc]

1.This might be fake news.

No it's not have checked the article attaches to the main post and Tom Dwan a poker player admitted

Tom Dwan has publicly admitted that he knew that FTX was crumbling.

In a tweet he said:

“Sam had used his ftt token raise to plug a hole in Alameda’s balance sheet. I found this out at some point in I think 2021. From a few places. Some were nice people who weren’t involved. I know about a lot of corruption in the world, and sometimes it’s not my business to out.”

It is alleged that Dwan played poker with numerous people connected to FTX in some way or another. Through his interactions with them, he found out about their insolvency and even warned certain people to be careful with FTX, as he realized they were misappropriating funds.

“I basically knew they were insolvent when ftt was still at 22. I hoped it was just in treasuries etc, and a mild misappropriation of funds. And I got a bunch of flack in groups n public for suggesting ppl be careful and withdraw at least some. And so many rushing to defend him.”

The problem is, there are already warnings but supporters and investors and close associates shut the news and prefer to listen to their prodigy, they should have done an investigation to clarify this and advised and guide SBF so he would not indulge the company's money to gambling, the blaming games happens when the worse just happened.

[madnessteat]

1.This might be fake news.
2.If this news is actually true, then SBF is an idiot. So many people in the crypto world praised Bankman-Fried as some kind of genius. It seems like SBF is the complete opposite of a genius.
We can't predict what is happening in a desperate person's mind. Some people start acting totally dumb and irrational, when they lose control over the situation in their lives.
SBF could've pumped &dumped some dead shitcoin in order to recover some of the losses. FTX/Alameda had enough money to do such thing.
The profits would have been way bigger. I know it's unethical and probably illegal, but doing such thing is way smarter than wasting millions of dollars on gambling.

He is facing a huge prison sentence, and even if he knew that before he was arrested, gambling that much money is just crazy. I'm sure he knows how to do the math and knows that the casino has an advantage over the player.

I'm still more inclined that he is not a gambler, but just a man who was lucky enough to be in the right place at the right time, and he lost everything simply because of greed and his not very clever scheme to get unsecured credit.

[uneng]

Like i said before, if indeed he resorted to gambling as a way to try to fix up the mess he got himself and every one into, i think he wouldn't be the first to do this.
Like we all know or some of us know, Fred Smith, the then CEO of FedEx saved his company from bankruptcy through playing blackjack in las Vegas, So i have no doubt that SBF have heard this story and decided to attempt the same thing to see if he could be as lucky as Fred Smith, but unfortunately for him, it seems that luck wasnt just on his side.

https://i.imgur.com/nBD6hzR.png

The FedEx story had a happy ending, but it was a different situation. Fred Smith wasn't running pump and dump schemes or sponsoring political parties and foreign countries with the company's money. Actually, FedEx's money was his, not from customers, as opposite to the case of FTX exchange. Moreover, he gambled only a relatively small amount of 5000$ into 27,000$, and that isn't exactly what saved the company from failure, rather it was his inspiration to not give up FedEx, so from that moment on he didn't keep gambling anymore in order to develop his business, but worked hard to make things work and thankfully he achieved it.

If SBF read that somewhere and thought he could revert the banktuptcy of FTX, I think he didn't understand the morale of the story.

[Fivestar4everMVP]

Like i said before, if indeed he resorted to gambling as a way to try to fix up the mess he got himself and every one into, i think he wouldn't be the first to do this.
Like we all know or some of us know, Fred Smith, the then CEO of FedEx saved his company from bankruptcy through playing blackjack in las Vegas, So i have no doubt that SBF have heard this story and decided to attempt the same thing to see if he could be as lucky as Fred Smith, but unfortunately for him, it seems that luck wasnt just on his side.

https://i.imgur.com/nBD6hzR.png

The FedEx story had a happy ending, but it was a different situation. Fred Smith wasn't running pump and dump schemes or sponsoring political parties and foreign countries with the company's money. Actually, FedEx's money was his, not from customers, as opposite to the case of FTX exchange. Moreover, he gambled only a relatively small amount of 5000$ into 27,000$, and that isn't exactly what saved the company from failure, rather it was his inspiration to not give up FedEx, so from that moment on he didn't keep gambling anymore in order to develop his business, but worked hard to make things work and thankfully he achieved it.

If SBF read that somewhere and thought he could revert the banktuptcy of FTX, I think he didn't understand the morale of the story.

You make sense for sure, but even as right as you are, I still think situations doesn't have to always be the same to have happy endings or end at the same results like the other, and yes, Fred smith gambled with his money(his company's company actually) which was said to be the last $5000 he had left, in as much as i want to agree with you that the $27,000 he won isn't what saved his company but he's determination not to give give up on FedEx, i still believe that that same determination is to save his company is what drove him into gambling, and clearly, that was his last option, and if he had lost that $5000, i can tell you for sure that the courier company called FedEx would have been long dead except someone else bought it over back then.

One fact i will leave you with is that when it comes to achieving or reaching great heights in business, determination alone doesn't really do much, you need money , and without the money, your determination will die with you, and be buried with you as well, several companies fold up and die not because the CEO was not determined to keep the company running, but they simply lacked the funds to make that happen.

[Sithara007]

With every passing day, I am getting really fed up with the sort of sob stories the mainstream media is dishing out about Bankman Fraud and the other FTX criminals. For heaven's sake, these are the people who stole $10 billion from ordinary hard working people. Bankman Fraud wasted $100 in gambling because he was a gambling addict. Look how the media spun that story. They painted it as if Fraud was trying to help the victims by doing gambling. It is really getting nauseating, the level of support these criminals get from the media. And here is the latest piece (offered without any further comments):

https://www.washingtonpost.com/business/2023/01/02/caroline-ellison-ftx/

Like Bankman-Fried, Ellison was a proponent of effective altruism, a philanthropic philosophy that encourages young people to take high-paying jobs, amass wealth and donate it.

[nullama]

~snip~
This guy was put where he was by someone else, because he definitely couldn't make his way through by himself. It's really not surprising he was gambling with customers' funds, as that is the smartest idea that could come from his mind in order to fix the mess he put everyone into. I think the most shocking part of the whole story is that the media gave him the status of phenomenon and prodigy boy. It would be funny if it wasn't tragic...

Those photos reminded me of this:



Basically the whole mainstream media was saying that it's all fine, the agencies that were supposed to evaluate the risk of those instrument said they were the best ever, until everything collapsed.

Here's more information about that, for younger bitcoiners: The Indisputable Role of Credit Ratings Agencies in the 2008 Collapse, and Why Nothing Has Changed

Things continue the same today, mainstream media supporting people like Bankman-Fried. He's even going to plead not guilty:

Bankman-Fried set to enter not guilty plea in FTX fraud case

[Sithara007]

Bankman-Fraud is a product of the bankers and their mainstream media cronies. Satoshi designed Bitcoin back in 2008, in order to end the dominance of big bankers. 15 years later, now the entire cryptocurrency sector is under the threat of takeover by these same people. Those who stood against this takeover have been sidelined or imprisoned. Exchanges such as BTC-e, who stood up against the authorities were destroyed without any trace. At the same time, the left-wing mafia hyped up criminals such as Bankman-Fraud and allowed exchanges like FTX to encroach the space left by platforms such as BTC-e. Compare the media portrayal of Bankman Fraud and Alexander Vinnik, and you will see what I am saying. 

When I joined this forum 9 years ago, most of the users here were libertarian, and stood for anonymity and freedom of speech. Almost all the users were against government dictatorship. Most important part is that honesty was valued. Users trying to cheat others were looked down upon.

After almost a decade, the scene has completely changed. Most of the users are left-wing, and they want taxes up to 90% as well as increased regulations. It is perfectly OK to steal billions of USD from other people, if the criminal apologizes in the end and say "sorry". There are no morals and ethics. Now Bitcoin sector has become the same as fiat sector.

[nullama]

Bankman-Fraud is a product of the bankers and their mainstream media cronies. Satoshi designed Bitcoin back in 2008, in order to end the dominance of big bankers. 15 years later, now the entire cryptocurrency sector is under the threat of takeover by these same people. Those who stood against this takeover have been sidelined or imprisoned. Exchanges such as BTC-e, who stood up against the authorities were destroyed without any trace. At the same time, the left-wing mafia hyped up criminals such as Bankman-Fraud and allowed exchanges like FTX to encroach the space left by platforms such as BTC-e. Compare the media portrayal of Bankman Fraud and Alexander Vinnik, and you will see what I am saying. 

When I joined this forum 9 years ago, most of the users here were libertarian, and stood for anonymity and freedom of speech. Almost all the users were against government dictatorship. Most important part is that honesty was valued. Users trying to cheat others were looked down upon.

After almost a decade, the scene has completely changed. Most of the users are left-wing, and they want taxes up to 90% as well as increased regulations. It is perfectly OK to steal billions of USD from other people, if the criminal apologizes in the end and say "sorry". There are no morals and ethics. Now Bitcoin sector has become the same as fiat sector.

Didn't know the story of Alexander Vinnik, thanks for sharing the name.

What I find curious is that any casino worldwide accepts cash without ID, in the same way that BTC-e accepted Bitcoin, yet nothing happens to the people running casinos worldwide.

[wxa7115]

What I find curious is that any casino worldwide accepts cash without ID, in the same way that BTC-e accepted Bitcoin, yet nothing happens to the people running casinos worldwide.

It should not surprise us, how do you think politicians, some of the richest people around the world and even drug lords can move their money all over the world without any problem?

They can do that because banks allows them to do it, for all the noise governments create about bitcoin being used by criminals, the banking system allows criminals to do whatever they want despite the regulations currently in place, and when they are caught they receive a fine and nothing more, a fine they can easily pay with all the money they helped move around the world.

[Sithara007]

Didn't know the story of Alexander Vinnik, thanks for sharing the name.

What I find curious is that any casino worldwide accepts cash without ID, in the same way that BTC-e accepted Bitcoin, yet nothing happens to the people running casinos worldwide.

BTC-e was targeted by the FBI because they refused unfair demands from the latter. FBI wanted the user data and transaction details, which the platform refused to provide (since they valued the privacy and anonymity of their customers). Their servers were targeted and some of the reserves were stolen. Even after this, BTC-e reimbursed the losses and tried to carry on as usual. However the FBI targeted them for a second time in 2017 and after that it became impossible for them to continue with their operations. I had an account with them, and the BTC-e guys were very honest and straight forward. Never had a problem with them. Their downfall provided opportunity to criminals such as Sam Bankman Fraud to come up with their own platforms and loot the customers.

[BobK71]

Like i said before, if indeed he resorted to gambling as a way to try to fix up the mess he got himself and every one into, i think he wouldn't be the first to do this.
Like we all know or some of us know, Fred Smith, the then CEO of FedEx saved his company from bankruptcy through playing blackjack in las Vegas, So i have no doubt that SBF have heard this story and decided to attempt the same thing to see if he could be as lucky as Fred Smith, but unfortunately for him, it seems that luck wasnt just on his side.

When the CEO of FedEx Fred Smith is about to fail his business, he worried how to managed that money what was need for the company. He failed everywhere to collect. Finally he entered Las Vegas with depression just to change his state of mind. But that was not his pre-planned. He never expected that he could win at that moment. It can be said that luck was good and when he got $5000 to $27000 he thought of expanding his business with that money. But the situation is completely different for SBF.

[piebeyb]

Didn't know the story of Alexander Vinnik, thanks for sharing the name.

What I find curious is that any casino worldwide accepts cash without ID, in the same way that BTC-e accepted Bitcoin, yet nothing happens to the people running casinos worldwide.

BTC-e was targeted by the FBI because they refused unfair demands from the latter. FBI wanted the user data and transaction details, which the platform refused to provide (since they valued the privacy and anonymity of their customers). Their servers were targeted and some of the reserves were stolen. Even after this, BTC-e reimbursed the losses and tried to carry on as usual. However the FBI targeted them for a second time in 2017 and after that it became impossible for them to continue with their operations. I had an account with them, and the BTC-e guys were very honest and straight forward. Never had a problem with them. Their downfall provided opportunity to criminals such as Sam Bankman Fraud to come up with their own platforms and loot the customers.

remember my btc-e remember trading there, as you said they are a very safe and honest site, that's why when I heard that mtgox had a problem I was really happy at that time I had transferred my money from mtgox to btc-e before there was a closure of their site, right now I'm more interested in keeping my money in my wallet because it's much safer considering the many cases that have happened on exchanges like this FTX, but I still have a little trust in binance and still keep 10% of my funds there to trade

[Sithara007]

remember my btc-e remember trading there, as you said they are a very safe and honest site, that's why when I heard that mtgox had a problem I was really happy at that time I had transferred my money from mtgox to btc-e before there was a closure of their site, right now I'm more interested in keeping my money in my wallet because it's much safer considering the many cases that have happened on exchanges like this FTX, but I still have a little trust in binance and still keep 10% of my funds there to trade

I don't know how many of the users know what happened with BTC-e and MtGox. I was an active user back then and had accounts with both the platforms. Back in 2013, these two were the top Bitcoin/Cryptocurrency exchanges. Both of these platforms had their own dedicated user groups. MtGox was very vocal in enforcing KYC and Mark Karpelès used to showoff his influence. On the other hand, BTC-e never undertook KYC as they valued the anonymity and privacy of their users. The BTC-e owners also refused to reveal themselves.

If you could browse through the posts from 2013, you will find that a lot of users accused BTC-e of being a fraud exchange and were warning users that it will go down sometime soon. But it was MtGox which went down in 2014. BTC-e stayed alive until 2017, when the FBI seized their servers and shut the platform down. And it was the death of BTC-e which eventually allowed criminals such as SBF to come up with their own platforms and loot the users.

Now I can connect the dots. FBI and the banking mafia destroyed proper exchanges and then allowed fraudsters such as SBF to encroach the vacant space left by these exchanges. In the end, the reputation of cryptocurrency is tarnished and FBI achieves its target.

[Quidat]

Didn't know the story of Alexander Vinnik, thanks for sharing the name.

What I find curious is that any casino worldwide accepts cash without ID, in the same way that BTC-e accepted Bitcoin, yet nothing happens to the people running casinos worldwide.

BTC-e was targeted by the FBI because they refused unfair demands from the latter. FBI wanted the user data and transaction details, which the platform refused to provide (since they valued the privacy and anonymity of their customers). Their servers were targeted and some of the reserves were stolen. Even after this, BTC-e reimbursed the losses and tried to carry on as usual. However the FBI targeted them for a second time in 2017 and after that it became impossible for them to continue with their operations. I had an account with them, and the BTC-e guys were very honest and straight forward. Never had a problem with them. Their downfall provided opportunity to criminals such as Sam Bankman Fraud to come up with their own platforms and loot the customers.

remember my btc-e remember trading there, as you said they are a very safe and honest site, that's why when I heard that mtgox had a problem I was really happy at that time I had transferred my money from mtgox to btc-e before there was a closure of their site, right now I'm more interested in keeping my money in my wallet because it's much safer considering the many cases that have happened on exchanges like this FTX, but I still have a little trust in binance and still keep 10% of my funds there to trade

People should do this way on where they should really be that mindful on keeping off their coins on any centralized services or platforms.They might be that popular
or known but we arent that blind not to see into those past events or situations on where it does involve these kind of issues like hacking,bankruptcy so called
or whatsoever the reason they would really be calling out which would result on running all the money that someone uses up with that platform.
As for SBF then it isnt really that different into those past owners of exchange platforms the thing here is that he had just been caught.

[nullama]

~snip~
People should do this way on where they should really be that mindful on keeping off their coins on any centralized services or platforms.They might be that popular
or known but we arent that blind not to see into those past events or situations on where it does involve these kind of issues like hacking,bankruptcy so called
or whatsoever the reason they would really be calling out which would result on running all the money that someone uses up with that platform.
As for SBF then it isnt really that different into those past owners of exchange platforms the thing here is that he had just been caught.

It's pretty clear now as we have multiple examples over the years.

If you don't have the keys to the coins, they're not your coins, and that's it.

You need to withdraw your coins from whatever company or service you're using to have full 100% self custody of your funds.

You cannot really trust anyone with your coins, the moment it hits their wallet, it's theirs.

Nothing has changed really, and these kind of things will continue to happen because people continue to trust on third parties.

[Sithara007]

People should do this way on where they should really be that mindful on keeping off their coins on any centralized services or platforms.They might be that popular
or known but we arent that blind not to see into those past events or situations on where it does involve these kind of issues like hacking,bankruptcy so called
or whatsoever the reason they would really be calling out which would result on running all the money that someone uses up with that platform.
As for SBF then it isnt really that different into those past owners of exchange platforms the thing here is that he had just been caught.

Ideally no one should be keeping their coins in exchange wallets. But a distinction should be made between trustworthy exchanges and those that can't be trusted. I used BTC-e for more than 3 years without any issue, until the FBI destroyed them. I had similar good experience with Bitstamp as well. Binance is another exchange that can be trusted. Now FTX is different. It was more like an inside job by the Wall Street to destroy the cryptocurrency industry. The promoters like Bankman Fraud and Ellison had no interest as such in cryptocurrency. Their political views are diametrically opposite of those held by Satoshi Nakamoto.

Detractors of Bitcoin realized that the best way to destroy cryptocurrency is through inside jobs and that is what resulted in the meteoric and sudden rise of FTX. And that explains why Bankman Fraud is enjoying his vacation at his Palo Alto home even after stealing $10 billion, while genuine cryptocurrency proponents such as Alexander Vinnik and Ross Ulbricht are locked up behind bars without any possibility of parole.

[piebeyb]

remember my btc-e remember trading there, as you said they are a very safe and honest site, that's why when I heard that mtgox had a problem I was really happy at that time I had transferred my money from mtgox to btc-e before there was a closure of their site, right now I'm more interested in keeping my money in my wallet because it's much safer considering the many cases that have happened on exchanges like this FTX, but I still have a little trust in binance and still keep 10% of my funds there to trade

I don't know how many of the users know what happened with BTC-e and MtGox. I was an active user back then and had accounts with both the platforms. Back in 2013, these two were the top Bitcoin/Cryptocurrency exchanges. Both of these platforms had their own dedicated user groups. MtGox was very vocal in enforcing KYC and Mark Karpelès used to showoff his influence. On the other hand, BTC-e never undertook KYC as they valued the anonymity and privacy of their users. The BTC-e owners also refused to reveal themselves.

If you could browse through the posts from 2013, you will find that a lot of users accused BTC-e of being a fraud exchange and were warning users that it will go down sometime soon. But it was MtGox which went down in 2014. BTC-e stayed alive until 2017, when the FBI seized their servers and shut the platform down. And it was the death of BTC-e which eventually allowed criminals such as SBF to come up with their own platforms and loot the users.

Now I can connect the dots. FBI and the banking mafia destroyed proper exchanges and then allowed fraudsters such as SBF to encroach the vacant space left by these exchanges. In the end, the reputation of cryptocurrency is tarnished and FBI achieves its target.

that's why I didn't really like mtgox since then actually I'm not interested in exchanges that require KYC, I think it's stupid and doesn't even guarantee their site is completely secure, most exchange sites are anonymous on the contrary much more secure, to be honest at the moment i don't keep much of my crypto money on exchange sites now its better to keep it in crypto wallets, currently haven't found any exchange like btc-e 

[ethereumhunter]

~snip~
People should do this way on where they should really be that mindful on keeping off their coins on any centralized services or platforms.They might be that popular
or known but we arent that blind not to see into those past events or situations on where it does involve these kind of issues like hacking,bankruptcy so called
or whatsoever the reason they would really be calling out which would result on running all the money that someone uses up with that platform.
As for SBF then it isnt really that different into those past owners of exchange platforms the thing here is that he had just been caught.

It's pretty clear now as we have multiple examples over the years.

If you don't have the keys to the coins, they're not your coins, and that's it.

You need to withdraw your coins from whatever company or service you're using to have full 100% self custody of your funds.

You cannot really trust anyone with your coins, the moment it hits their wallet, it's theirs.

Nothing has changed really, and these kind of things will continue to happen because people continue to trust on third parties.

If the third party is trustworthy, people will stick with that third party. But if there are more third parties who deceive these people, they will gradually lose our trust and those people will start to move to find other parties. And it's true that we have to be really responsible with all our investment assets and will not hold them on any exchange. But unfortunately, the exchange already provides comfort and very attractive offers for us so that we can easily use their services. And as long as we can be careful in choosing that third party, we won't have a bad experience.

If SBF had not done this, he would have seen that what he had done could benefit many people so that he would also have benefited. But everything has happened and we must be able to learn from it to be careful in making decisions.

[stomachgrowls]

remember my btc-e remember trading there, as you said they are a very safe and honest site, that's why when I heard that mtgox had a problem I was really happy at that time I had transferred my money from mtgox to btc-e before there was a closure of their site, right now I'm more interested in keeping my money in my wallet because it's much safer considering the many cases that have happened on exchanges like this FTX, but I still have a little trust in binance and still keep 10% of my funds there to trade

I don't know how many of the users know what happened with BTC-e and MtGox. I was an active user back then and had accounts with both the platforms. Back in 2013, these two were the top Bitcoin/Cryptocurrency exchanges. Both of these platforms had their own dedicated user groups. MtGox was very vocal in enforcing KYC and Mark Karpelès used to showoff his influence. On the other hand, BTC-e never undertook KYC as they valued the anonymity and privacy of their users. The BTC-e owners also refused to reveal themselves.

If you could browse through the posts from 2013, you will find that a lot of users accused BTC-e of being a fraud exchange and were warning users that it will go down sometime soon. But it was MtGox which went down in 2014. BTC-e stayed alive until 2017, when the FBI seized their servers and shut the platform down. And it was the death of BTC-e which eventually allowed criminals such as SBF to come up with their own platforms and loot the users.

Now I can connect the dots. FBI and the banking mafia destroyed proper exchanges and then allowed fraudsters such as SBF to encroach the vacant space left by these exchanges. In the end, the reputation of cryptocurrency is tarnished and FBI achieves its target.

that's why I didn't really like mtgox since then actually I'm not interested in exchanges that require KYC, I think it's stupid and doesn't even guarantee their site is completely secure, most exchange sites are anonymous on the contrary much more secure, to be honest at the moment i don't keep much of my crypto money on exchange sites now its better to keep it in crypto wallets, currently haven't found any exchange like btc-e 

Remembering those btc-e times which i do agree with your words that it would be better if we do have that similar into it, but now as of todays which we are really seeing the opposite one.
Dont know on why there are people who do really likes to store up huge chunks of money on an exchange? Mt.Gox was known as the greatest disaster but people didnt ever
something learn with those things and still ending up on trusting up centralized platforms.

Lets hope not that this would happen on Binance but with those old and new happenings in relation to exchange issues then i wont really be that surprised.

[Mahanton]

If the third party is trustworthy, people will stick with that third party. But if there are more third parties who deceive these people, they will gradually lose our trust and those people will start to move to find other parties. And it's true that we have to be really responsible with all our investment assets and will not hold them on any exchange. But unfortunately, the exchange already provides comfort and very attractive offers for us so that we can easily use their services. And as long as we can be careful in choosing that third party, we won't have a bad experience.

If SBF had not done this, he would have seen that what he had done could benefit many people so that he would also have benefited. But everything has happened and we must be able to learn from it to be careful in making decisions.

We are the ones who do make out on what would be our future and SBF did really make up a decision to messing everythings up because of his greediness.Its true that if he had just well handled out FTX
then he would definitely be making tons of money without needing to have those shady spendings and other issues that he had done recently. This do really shows that a man couldnt really be just that
contented on what he do earns.He is lucky that he had made out a platform which is really next to BInance when it comes to popularity and relevance but all he had just wasted
that opportunity and let it slip away just because on doing such act.

[Sithara007]

Remembering those btc-e times which i do agree with your words that it would be better if we do have that similar into it, but now as of todays which we are really seeing the opposite one.
Dont know on why there are people who do really likes to store up huge chunks of money on an exchange? Mt.Gox was known as the greatest disaster but people didnt ever
something learn with those things and still ending up on trusting up centralized platforms.

Lets hope not that this would happen on Binance but with those old and new happenings in relation to exchange issues then i wont really be that surprised.

After Mt Gox, we had Cryptopia. And after Cryptopia, FTX happened. Then there are dozens more, such as QuadrigaCX, LakeBTC, Celsius, Bitcoinica, CoinBene and Zipmex. I don't want to include exchanges such as NLexch and in this list, as they were closed down by the government authorities.

One thing is common with all these exchanges. The owners were celebrities and there was a feeling among the general public that since these guys are well known, they will not run away with our money. But this was the biggest mistake. Exchanges with anonymous owners, such as BTC-e never cheated their clients, but exchanges such as FTX and Mt Gox vanished with all the funds from ordinary people.

[STT]

lot of users accused BTC-e of being a fraud exchange and were warning users that it will go down sometime soon. But it was MtGox which went down in 2014.

So many people were complaining about MtGox long before I avoided going there as something did appear to be incorrect with its operation.  The price there was different to the price traded elsewhere and its reserves were illiquid with people having problem with withdrawals. Obviously we know for sure now it was fractional and unable to service the demand of deposit holders.  Its only because BTC rose so much from those days that people got their money back I guess.    Pretty sure we had some threads calling out Mtgox like a year before it closed, I wasnt using this forum much then but thankfully it was enough of a warning that I heeded the signs it was going to fail.
   Cryptsy was another exchange that fell, compromised and failed & again some did mention problems with its last days a few tokens only were allowing withdrawals.  That small avenue was enough I got out but some maybe got something years after not sure.

[ethereumhunter]

If the third party is trustworthy, people will stick with that third party. But if there are more third parties who deceive these people, they will gradually lose our trust and those people will start to move to find other parties. And it's true that we have to be really responsible with all our investment assets and will not hold them on any exchange. But unfortunately, the exchange already provides comfort and very attractive offers for us so that we can easily use their services. And as long as we can be careful in choosing that third party, we won't have a bad experience.

If SBF had not done this, he would have seen that what he had done could benefit many people so that he would also have benefited. But everything has happened and we must be able to learn from it to be careful in making decisions.

We are the ones who do make out on what would be our future and SBF did really make up a decision to messing everythings up because of his greediness.Its true that if he had just well handled out FTX
then he would definitely be making tons of money without needing to have those shady spendings and other issues that he had done recently. This do really shows that a man couldnt really be just that
contented on what he do earns.He is lucky that he had made out a platform which is really next to BInance when it comes to popularity and relevance but all he had just wasted
that opportunity and let it slip away just because on doing such act.

If someone has decided to manage his business, he really must be able to maintain the trust of those who depend on him because trust is the most important thing in a business. In this case, SBF has lost the trust of its investors and will not be able to return to the crypto world anymore. Meanwhile, people who have experienced losses must be able to learn from this bitter experience so that they don't experience it again in the future. And we don't know yet what will happen to the investors, the exchange, or anything else.

[Kemarit]

If the third party is trustworthy, people will stick with that third party. But if there are more third parties who deceive these people, they will gradually lose our trust and those people will start to move to find other parties. And it's true that we have to be really responsible with all our investment assets and will not hold them on any exchange. But unfortunately, the exchange already provides comfort and very attractive offers for us so that we can easily use their services. And as long as we can be careful in choosing that third party, we won't have a bad experience.

If SBF had not done this, he would have seen that what he had done could benefit many people so that he would also have benefited. But everything has happened and we must be able to learn from it to be careful in making decisions.

We are the ones who do make out on what would be our future and SBF did really make up a decision to messing everythings up because of his greediness.Its true that if he had just well handled out FTX
then he would definitely be making tons of money without needing to have those shady spendings and other issues that he had done recently. This do really shows that a man couldnt really be just that
contented on what he do earns.He is lucky that he had made out a platform which is really next to BInance when it comes to popularity and relevance but all he had just wasted
that opportunity and let it slip away just because on doing such act.

If someone has decided to manage his business, he really must be able to maintain the trust of those who depend on him because trust is the most important thing in a business. In this case, SBF has lost the trust of its investors and will not be able to return to the crypto world anymore. Meanwhile, people who have experienced losses must be able to learn from this bitter experience so that they don't experience it again in the future. And we don't know yet what will happen to the investors, the exchange, or anything else.

The thing is that we really don't know whether we should trust him in the first place, and for sure majority has regret their decisions to believed SBF in the beginning. But we can't do anything as FTX already collapses, he has a court case and potential for a jail time together with 2 others.

So that is very hard for investors to see in the beginning, trust is subjective, so it's up to us whether we are going to trust another person in crypto.

Or just learn from this mistakes to just used the old and reliable exchanges.

[stomachgrowls]

If the third party is trustworthy, people will stick with that third party. But if there are more third parties who deceive these people, they will gradually lose our trust and those people will start to move to find other parties. And it's true that we have to be really responsible with all our investment assets and will not hold them on any exchange. But unfortunately, the exchange already provides comfort and very attractive offers for us so that we can easily use their services. And as long as we can be careful in choosing that third party, we won't have a bad experience.

If SBF had not done this, he would have seen that what he had done could benefit many people so that he would also have benefited. But everything has happened and we must be able to learn from it to be careful in making decisions.

We are the ones who do make out on what would be our future and SBF did really make up a decision to messing everythings up because of his greediness.Its true that if he had just well handled out FTX
then he would definitely be making tons of money without needing to have those shady spendings and other issues that he had done recently. This do really shows that a man couldnt really be just that
contented on what he do earns.He is lucky that he had made out a platform which is really next to BInance when it comes to popularity and relevance but all he had just wasted
that opportunity and let it slip away just because on doing such act.

If someone has decided to manage his business, he really must be able to maintain the trust of those who depend on him because trust is the most important thing in a business. In this case, SBF has lost the trust of its investors and will not be able to return to the crypto world anymore. Meanwhile, people who have experienced losses must be able to learn from this bitter experience so that they don't experience it again in the future. And we don't know yet what will happen to the investors, the exchange, or anything else.

The thing is that we really don't know whether we should trust him in the first place, and for sure majority has regret their decisions to believed SBF in the beginning. But we can't do anything as FTX already collapses, he has a court case and potential for a jail time together with 2 others.

So that is very hard for investors to see in the beginning, trust is subjective, so it's up to us whether we are going to trust another person in crypto.

Or just learn from this mistakes to just used the old and reliable exchanges.

Whether we do like it or not which these things would be buried and would be forgotten and on the time that everything do looks everything back to normal then people would be usually be ending up on trusting too

much with these platforms again and the worst where some people do make it as their main wallet which it would be a disastrous thing if ever the platform your would be using would really be having issues.

People never ever learn and still continuing on things which arent really supposed to be done.This is why its ideal that you should pull off your funds on the time that you had finished out
on making trades on a certain platform.Never ever consider on parking it there or let it sit for long time.

[ethereumhunter]

If the third party is trustworthy, people will stick with that third party. But if there are more third parties who deceive these people, they will gradually lose our trust and those people will start to move to find other parties. And it's true that we have to be really responsible with all our investment assets and will not hold them on any exchange. But unfortunately, the exchange already provides comfort and very attractive offers for us so that we can easily use their services. And as long as we can be careful in choosing that third party, we won't have a bad experience.

If SBF had not done this, he would have seen that what he had done could benefit many people so that he would also have benefited. But everything has happened and we must be able to learn from it to be careful in making decisions.

We are the ones who do make out on what would be our future and SBF did really make up a decision to messing everythings up because of his greediness.Its true that if he had just well handled out FTX
then he would definitely be making tons of money without needing to have those shady spendings and other issues that he had done recently. This do really shows that a man couldnt really be just that
contented on what he do earns.He is lucky that he had made out a platform which is really next to BInance when it comes to popularity and relevance but all he had just wasted
that opportunity and let it slip away just because on doing such act.

If someone has decided to manage his business, he really must be able to maintain the trust of those who depend on him because trust is the most important thing in a business. In this case, SBF has lost the trust of its investors and will not be able to return to the crypto world anymore. Meanwhile, people who have experienced losses must be able to learn from this bitter experience so that they don't experience it again in the future. And we don't know yet what will happen to the investors, the exchange, or anything else.

The thing is that we really don't know whether we should trust him in the first place, and for sure majority has regret their decisions to believed SBF in the beginning. But we can't do anything as FTX already collapses, he has a court case and potential for a jail time together with 2 others.

So that is very hard for investors to see in the beginning, trust is subjective, so it's up to us whether we are going to trust another person in crypto.

Or just learn from this mistakes to just used the old and reliable exchanges.

With this incident, we have to be more careful choosing new exchanges that we don't know or haven't found more information about because this concerns the money we will use to trade or invest. This FTX case is a lesson for everyone, not just the victims of the FTX case, so we only use the money we can afford to trade and store coins on the exchange.

In the future, we may see cases like this, and this experience helps us not to act rashly. Better we use an existing casino where we can trade and have no problem.

[nullama]

~snip~
The thing is that we really don't know whether we should trust him in the first place, and for sure majority has regret their decisions to believed SBF in the beginning. But we can't do anything as FTX already collapses, he has a court case and potential for a jail time together with 2 others.

So that is very hard for investors to see in the beginning, trust is subjective, so it's up to us whether we are going to trust another person in crypto.

Or just learn from this mistakes to just used the old and reliable exchanges.

There shouldn't really be any need to trust anyone with Bitcoin really. That's the whole point of it.

Not sure why so many people are just sending their coins to companies and trusting them. In the end many people will lose a lot of money because of these companies.

History keeps repeating itself, and people don't seem to learn, ever. The same will continue to happen in the future.

[swogerino]

~snip~
The thing is that we really don't know whether we should trust him in the first place, and for sure majority has regret their decisions to believed SBF in the beginning. But we can't do anything as FTX already collapses, he has a court case and potential for a jail time together with 2 others.

So that is very hard for investors to see in the beginning, trust is subjective, so it's up to us whether we are going to trust another person in crypto.

Or just learn from this mistakes to just used the old and reliable exchanges.

There shouldn't really be any need to trust anyone with Bitcoin really. That's the whole point of it.

Not sure why so many people are just sending their coins to companies and trusting them. In the end many people will lose a lot of money because of these companies.

History keeps repeating itself, and people don't seem to learn, ever. The same will continue to happen in the future.

I think that we are doing our part in the forum,I know the members who keep writing in Service Discussion part of the forum who post there usually are warning systematically to withdraw money from exchanges or third parties exactly for this reason,in Bitcoin you only trust yourself and you are your own bank who keep also the private keys to such bank and no one else can use them.

This I think will not stop history from repeating itself as there will still be persons sending their money to exchanges but I am sure the percentage of such people will diminish with the passing of time.

[molsewid]

With this incident, we have to be more careful choosing new exchanges that we don't know or haven't found more information about because this concerns the money we will use to trade or invest. This FTX case is a lesson for everyone, not just the victims of the FTX case, so we only use the money we can afford to trade and store coins on the exchange.

In the future, we may see cases like this, and this experience helps us not to act rashly. Better we use an existing casino where we can trade and have no problem.

One thing that I learn from this thread, we should not think that betting in gambling will save our company, firms, exchanges from winning in the casino, it will only give us a huge mess. I'm not saying that all people will not have money by playing nor all people will be lose in gambling what I am saying is there's no assurance that we can get more in gambling, that it will give us jackpot because most of the time we will not there will be a time we can win jackpot, we should think of other reason to save our bus, we should play only for our entertainment and happiness.

[Lanatsa]

With this incident, we have to be more careful choosing new exchanges that we don't know or haven't found more information about because this concerns the money we will use to trade or invest. This FTX case is a lesson for everyone, not just the victims of the FTX case, so we only use the money we can afford to trade and store coins on the exchange.

In the future, we may see cases like this, and this experience helps us not to act rashly. Better we use an existing casino where we can trade and have no problem.

One thing that I learn from this thread, we should not think that betting in gambling will save our company, firms, exchanges from winning in the casino, it will only give us a huge mess. I'm not saying that all people will not have money by playing nor all people will be lose in gambling what I am saying is there's no assurance that we can get more in gambling, that it will give us jackpot because most of the time we will not there will be a time we can win jackpot, we should think of other reason to save our bus, we should play only for our entertainment and happiness.

Gambling has never been an option but there are dumb people or company owners whom do consider out this kind of option which is totally that a crazy thing for someone to choose on.Its not that ethical on using

up your company funds which it isnt really totally owned by you but the people who had been using up and trusting your company.If you are really that in minding about recovery of your company
then gambling should really be out of the options because it is something that could do more harm than good.

As for SBF engaging on gambling to repay debt is something that a story i cant buy nor believe on.