BANKMAN-FRIED PANIC GAMBLES TO REPAY DEBT

[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.