BANKMAN-FRIED PANIC GAMBLES TO REPAY DEBT

[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.

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[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.