Prosecutors seize SBF’s $50M deposit to small bank

[o48o]

Prosecutors seized just under $50 million belonging to FTX founder Sam Bankman-Fried (SBF) held in Farmington State Bank on Jan. 4, according to a Yahoo Finance (YF) report on Jan. 24.

Source: https://cryptoslate.com/prosecutors-seize-sbfs-50m-deposit-to-small-bank/

So, Mister "I have only $100k" got just another $50M seized by procecutors from a small bank.
 
Now what i am wondering is that is this the last nail for SBH's credibility as he just clearly lied about not having money. Or will there be more to come?
There's still money missing, so where is it? And how wasn't injecting $50 million to small bank suspicious and biggest red flag to regulators? Or were they paid off to look another way?
I am starting to have hard time to have any sympathy left for SBF

[1714687907]

1714687907

[mich]

Well it looks like SBF is getting part of his donations back. He has donated in total $5.2 million to the Biden campaign in 2020 and $40 million to Democrats in the U.S. midterm election cycle.
And now Democratic organizations plan to return 2.2% of the funds which is 1 million. I do not think this helps him if he goes to jail.

[el kaka22]

I am guessing that him having just 100k is both true and wrong at the same time because of these news. It's probably true in a way that he probably only has "access" to 100k, meaning this 50 million that was seized? He wouldn't be able to touch it even if it wasn't seized, and that means it wasn't him to use even if he wanted to.

Is this true? Is this a fact? Absolutely not, I am just guessing, maybe he is a bad person, which wouldn't shock me considering he lost billions, and just pure lying to get out of jail. In any case, all the money that is under his name and under FTX assets should be seized to pay the victims of this bankruptcy back, would only be right.

[OcTradism]

So, Mister "I have only $100k" got just another $50M seized by procecutors from a small bank.
 
Now what i am wondering is that is this the last nail for SBH's credibility as he just clearly lied about not having money. Or will there be more to come?
There's still money missing, so where is it? And how wasn't injecting $50 million to small bank suspicious and biggest red flag to regulators? Or were they paid off to look another way?
I am starting to have hard time to have any sympathy left for SBF

SBF is a serial liar. What is fairness on Earth when the owner of Tornado Cash has to spend time in jail but SBF after making one of biggest fraud in history that affected lives of many people globally, can stay at his parent's home and play games? It's a myth around SBF and the USA. government.

From $100k to $50M, it is a big lie and I agree that no way to convince me and others to believe in or feel sympathetic for SBF.

I am guessing that him having just 100k is both true and wrong at the same time because of these news. It's probably true in a way that he probably only has "access" to 100k, meaning this 50 million that was seized? He wouldn't be able to touch it even if it wasn't seized, and that means it wasn't him to use even if he wanted to.

Is this true? Is this a fact? Absolutely not, I am just guessing, maybe he is a bad person, which wouldn't shock me considering he lost billions, and just pure lying to get out of jail. In any case, all the money that is under his name and under FTX assets should be seized to pay the victims of this bankruptcy back, would only be right.

Me too. I was very doubtful that he was seriously bankrupted and had only $100k left in his bank accounts (all accounts, not one account I mean).

The media around SBF case is strange too. They seem to write and spread stories to reduce seriousness of SBF case and tells us stories that fiasco is not because of SBF and it is not his responsibility. Weird media but maybe it is a massive plan to protect SBF.

[dansus021]

Good if they found the SBF money But I do bet the Sam still have dozen of it in crypto from, since regulator will hard to find it. Mixing and cross chain bridge will leaves no track. or the sbf might have little money in form of cash ftx case made crypto bad

[lixer]

Good if they found the SBF money But I do bet the Sam still have dozen of it in crypto from, since regulator will hard to find it. Mixing and cross chain bridge will leaves no track. or the sbf might have little money in form of cash ftx case made crypto bad

Yeah, 50 million is a lot of money already. It seems that the puzzle is being solved slowly, that's great. Maybe in the coming months, we will still hear another good news about this case. He use a small bank thinking that he won't get caught but I salute those banks for choosing their dignity or reputation and they choose to report SBF to the authorities than taking bribe money because I think SBF have also offered it with them.

FTX made crypto bad because their collapse have affected the cryptos value and maybe there are some newbs who will think negatively again with cryptos after that incident. It kinda sucks so FTX should be punished badly for this.

[blockman]

SBF probably still have got a lot of money from the debacle his past company has. It's a lot of money and we know that he's a smart ass that has grabbed people's money through his company.
I don't buy any reasoning from him even if he says that he's got a dollar left, well that's the most lie he can tell because he just want to be set free from any financial obligation that he might be eligible to pay.

[bittraffic]

Despite him being among the thieves, he still trusted a bank up to a point that depositing $50M will not alarm a flag. Seem very naive of him.

The paid officials sure are paid to look away and there are so many distractions done every day just so people will not focus more on FTX issues like that Chinese ballon or the UFOs and then there's also Ohio derailed train.

[mich]

Now bail terms are going to be worse for SBF he was found using a vpn. This did not make the Judge in his case happy he was not allowed to do this.
To help make it easier for the Judge his defense team will hire a technical expert. It is because he is not familiar with terms having to do with modern encryption technology. This is kind of them but do not think it will help him for his case. 

[X-ray]

Now what i am wondering is that is this the last nail for SBH's credibility as he just clearly lied about not having money. Or will there be more to come?

There will be more to come. Alamedaa was just spreading FTX's money into the various assets and it has been known that how active alamedaa and FTX ventures invested heavily in various projects. Some projects invested by alamedaa are just recently launched.

There's still money missing, so where is it? And how wasn't injecting $50 million to small bank suspicious and biggest red flag to regulators? Or were they paid off to look another way?

It's on the various projects invested by alamedaa. Alamedaa was getting tokens in exchange for money that had already been invested.

I am starting to have hard time to have any sympathy left for SBF

I never had symphaty for him. SBF was an example of how modern corruption and scam was working. SBF was a liar. Any projects that have already been invested by FTX ventus and alamedaa must be investigated. 

[mich]

Well some more troubles for SBF. It was discovered in court Thursday that SBF used 2 executives to make 10s of millions of dollars in donations for the November presidential election.
It was over 300 political donations in total. Made unlawfully because the donations were used to be made with name of 'straw donor' and paid with FTX own funds. https://www.yahoo.com/now/sam-bankman-fried-ftx-straw-180604807.html

[el kaka22]

Of course him going around saying he is poor is a lie, it is basically a lie that he is trying to portray to court in order to say he didn't benefited from this bankruptcy and he is as much of a victim of it as everyone else. We know this to be wrong, he got super rich and not rich as much as he used to be, that much is true, but this proves that he is richer than most people.

Someone with tens of millions of dollars, even hundreds of millions of dollars can't just suddenly give up all of that because he bankrupted, he will try to hold on to as much money as he can, which will be caught of course like this and he will be even bigger trouble. Maybe he won't be jailed, but he will have a very difficult life for sure.

[TimeTeller]

Of course him going around saying he is poor is a lie, it is basically a lie that he is trying to portray to court in order to say he didn't benefited from this bankruptcy and he is as much of a victim of it as everyone else. We know this to be wrong, he got super rich and not rich as much as he used to be, that much is true, but this proves that he is richer than most people.

Someone with tens of millions of dollars, even hundreds of millions of dollars can't just suddenly give up all of that because he bankrupted, he will try to hold on to as much money as he can, which will be caught of course like this and he will be even bigger trouble. Maybe he won't be jailed, but he will have a very difficult life for sure.

Definitely, he won't be disclosing all his assets to the public.
Being in crypto for so long, I am certain he knows where to stash his funds discreetly.
But if he deposited this early, that's when he got this wrong.
Most launderers or with current cases won't make a move with their funds while they are still in hot seat.
We don't know how much he is still hiding and where, but for sure, he has still those millions of dollars hidden from somewhere.

[wheelz1200]

Prosecutors seized just under $50 million belonging to FTX founder Sam Bankman-Fried (SBF) held in Farmington State Bank on Jan. 4, according to a Yahoo Finance (YF) report on Jan. 24.

Source: https://cryptoslate.com/prosecutors-seize-sbfs-50m-deposit-to-small-bank/

So, Mister "I have only $100k" got just another $50M seized by procecutors from a small bank.
 
Now what i am wondering is that is this the last nail for SBH's credibility as he just clearly lied about not having money. Or will there be more to come?
There's still money missing, so where is it? And how wasn't injecting $50 million to small bank suspicious and biggest red flag to regulators? Or were they paid off to look another way?
I am starting to have hard time to have any sympathy left for SBF

Of course he did.  No way does someone like that not have a stash of digital laying around that is hidden for some time.  Wouldn't be surprised if that was sitting theor for them to find so that they don't find the real stash lol.  Dude is so sloppy and shady.  Goes to show don't use exchanges like a wallet.  No one will listen though, people continued to stack sats on online wallets or exchanges lol.  Too funny.

[mich]

Now there is 4 new charges against SBF. In 2020 he wanted to open a bank in the state of California in the US. Well the bank did not let him so he made a new company that did not even have any employees.

By doing this SBF made false statements and did a fraudulent questionnaire. The new charges are included in his ones for bank fraud and conspiracy to operate an unlicensed money-transmitting business.

[Woodie]

Well it looks like SBF is getting part of his donations back. He has donated in total $5.2 million to the Biden campaign in 2020 and $40 million to Democrats in the U.S. midterm election cycle.
And now Democratic organizations plan to return 2.2% of the funds which is 1 million. I do not think this helps him if he goes to jail.

If Sam Bankman-Fried (SBF) didn't drag FTX to its knees with all these side deals he did, I think crypto would have been uplifted to greater heights with the help of these politicians..

But now that SBF has thrown himself under the bus, I kind of feel his tainted crypto with a bad name and in the future crypto donations will be scrutinized before being accepted to avoid such embarrassment for the parties involved.

Now there is 4 new charges against SBF. In 2020 he wanted to open a bank in the state of California in the US. Well the bank did not let him so he made a new company that did not even have any employees.

By doing this SBF made false statements and did a fraudulent questionnaire. The new charges are included in his ones for bank fraud and conspiracy to operate an unlicensed money-transmitting business.

Clearly, the man was up to no good, and he clearly knew what was going on was criminal. Could this new development be enough to send SBF behind bars ??

Of course him going around saying he is poor is a lie, it is basically a lie that he is trying to portray to court in order to say he didn't benefited from this bankruptcy and he is as much of a victim of it as everyone else. We know this to be wrong, he got super rich and not rich as much as he used to be, that much is true, but this proves that he is richer than most people.

Judges are going to be throwing the leniency card out because they do not like to be fooled or people wasting the court's time, the La is in for it now.

Just hope he doesn't drag cryptos name down with his downfall.

[mich]

And now others involved with this FTX scheme are being charged. Director of engineering Nishad Singh plead guilty to charges and will cooperate with government against SBF.

He was saying he is sorry and he will give away his profits from FTX. https://www.reuters.com/legal/ftxs-singh-agrees-plead-guilty-us-criminal-charges-lawyer-says-2023-02-28/

[jacafbiz]

The main concern I have about this SBF saga is how long it would take for users to get their funds back from the exchange, look at MGOX, a lot of people in the space now do not even know about the exchange and the claims have been dragging on for years and I read today it has been moved again to April. I have no doubt that users will likely get up to $0.50 per Dollar but there is time value for money.

[o48o]

The main concern I have about this SBF saga is how long it would take for users to get their funds back from the exchange, look at MGOX, a lot of people in the space now do not even know about the exchange and the claims have been dragging on for years and I read today it has been moved again to April. I have no doubt that users will likely get up to $0.50 per Dollar but there is time value for money.

Considering that this is way bigger case with lots of moving parts it can take forever.
From what i understand MtGox affected mostly to individuals while there are 134 companies under FTX's bankruptcy filing.

And it tells how big this case is when they are still missing $8.9 BILLION in customer funds. So i am not sure how much customers get back.

[crzy]

The main concern I have about this SBF saga is how long it would take for users to get their funds back from the exchange, look at MGOX, a lot of people in the space now do not even know about the exchange and the claims have been dragging on for years and I read today it has been moved again to April. I have no doubt that users will likely get up to $0.50 per Dollar but there is time value for money.

It will take years before they finally give out the money to the right owners even if they are already get a lot of funds back. Its good to see that the government is doing their best to make SBF pay for what he have done, and its good to read some news as well about the others who are involve to this that they will cooperate agains SBF. MGOX took years as well, so don’t expect an easy trial for FTX.