BANKMAN-FRIED PANIC GAMBLES TO REPAY DEBT

[Hispo]

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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]

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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]

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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]

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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]

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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:
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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]

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