BANKMAN-FRIED PANIC GAMBLES TO REPAY DEBT

[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.

[1714297092]

1714297092

[1714297092]

1714297092

[1714297092]

1714297092

[1714297092]

1714297092

[1714297092]

1714297092

[1714297092]

1714297092

[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.