FTX CEO Sam Bankman Fried found guilty

[franky1]

yesterday the jury decided. guilty on all 7 charges. with sentencing to be decided next march(28th) 2024

also the feds have another 5 or so other charges it didnt push this year, but may press charges against him before or after next march, to add extra possible time to his sentencing

hope this teaches other dodgy CEX's a large lesson

Sam Bankman-Fried, once hailed as a genius in cryptocurrency, was found guilty Thursday of all fraud counts against him, a year after his exchange, FTX, imploded and practically wiped out thousands of customers.

The verdict was reached around 7:40 p.m. ET, about four hours after the federal jury in Manhattan began deliberations.

Bankman-Fried “perpetrated one of the biggest financial frauds in American history,” Damian Williams, the U.S. attorney for the Southern District of New York, said after the verdict.

Bankman-Fried faces up to 110 years in prison. His sentencing is scheduled for March 28

[gunhell16]

yesterday the jury decided. guilty on all 7 charges. with sentencing to be decided next march(28th) 2024

also the feds have another 5 or so other charges it didnt push this year, but may press charges against him before or after next march, to add extra possible time to his sentencing

hope this teaches other dodgy CEX's a large lesson

Sam Bankman-Fried, once hailed as a genius in cryptocurrency, was found guilty Thursday of all fraud counts against him, a year after his exchange, FTX, imploded and practically wiped out thousands of customers.

The verdict was reached around 7:40 p.m. ET, about four hours after the federal jury in Manhattan began deliberations.

Bankman-Fried “perpetrated one of the biggest financial frauds in American history,” Damian Williams, the U.S. attorney for the Southern District of New York, said after the verdict.

Bankman-Fried faces up to 110 years in prison. His sentencing is scheduled for March 28

That's called karma; when you do bad things to others, expect that you will reap a bad result in the end, for sure. With the amount of money involved and the number of people who have been victimized, it is very unfair for the victims to see that the person who was victimized is free to go wherever he wants and the situation is still good, right?

So for me, that's good news; I just don't know if it's bailable or non-bailable. I just hope that no one is bribed with money from people related to that investigation.

[serjent05]

It is sad new for Sam Bankman and his family but good news for cryptocurrency fraud victims.  SBF story was a fraud in the first place.  I always believe that his story as a kid genius is all made up for the founding of the so-called FTX which later filed a bankruptcy due to the leader's mismanagement of funds. 

It could have been more than 115 years if clients filed a case individually since punishment is made individually and not collectively and I believe the sentences piled up.

So for me, that's good news; I just don't know if it's bailable or non-bailable. I just hope that no one is bribed with money from people related to that investigation.

I think whether the case is bailable or not depends on the jurisdiction and the severity of the case.  There are also factors that contribute to whether the estate will acknowledge the plea to bail or not and the risk of the person fleeing to another country or there is more risk involved if the person is out of jail.

[batang_bitcoin]

That sentence that he's going to serve is good to secure that he's going to make it up to the quarter until the last bitcoin is mined. Sadly, he's not going to meet that because the sentence ain't enough, much better if the judge has added it and made exactly how long he needs that.
This is like justice to the ones that have been victims of his fraudulent activities and the result of swindling people's money. I just hope that he doesn't get special treatment inside.

[Z-tight]

hope this teaches other dodgy CEX's a large lesson

I hope it will, but i am not optimistic on that. If people still store their funds in centralized exchanges after ftx and other exchanges collapsed, then surely centralized exchanges would continue to commit fraud and fractional reserve scam with their customers' money. It is as simple as that, many of these services are run by shady and corrupt people and since they control a lot of gullible people's funds, they would try to use that money to make more for themselves.

[n00ber]

hope this teaches other dodgy CEX's a large lesson

I hope it will, but i am not optimistic on that. If people still store their funds in centralized exchanges after ftx and other exchanges collapsed, then surely centralized exchanges would continue to commit fraud and fractional reserve scam with their customers' money. It is as simple as that, many of these services are run by shady and corrupt people and since they control a lot of gullible people's funds, they would try to use that money to make more for themselves.

Do you think that after the collapse of FTX, governments will increase regulation for exchanges? If that happens, fraudulent exchanges will no longer exist, but it will also mean that we will once again be controlled by the government. That's the scenario I'm thinking of.
The collapse of FTX and the imprisonment of SBF, is not a warning to the remaining CEXs, it is a good reason for the government to have the right to intervene in the market and regulate things.

[Dr.Bitcoin_Strange]

Yeah, this is going to be a lesson to some CEX with ill intention, although I thought some months ago there was some news of the same FTX in agreement to repay some of the victims their funds that were lost during the fall of their exchange. I think they didn't repay anyone. This should also serve as a lesson to those that have been keeping their assets on the centralized exchange. I know that there were a majority of crypto investors who lost a huge amount of money during the crash of this exchange, and they will never get back that much money because it's gone.

[joniboini]

Do you think that after the collapse of FTX, governments will increase regulation for exchanges? If that happens, fraudulent exchanges will no longer exist, but it will also mean that we will once again be controlled by the government. That's the scenario I'm thinking of.

Didn't they already do that even before FTX went bankrupt? It is inevitable since most people want ease of use over security. I believe it is impossible to completely avoid that in the future. IIRC, they also sued Binance and CZ a few days ago, CMIIW. I guess they believe anyone who doesn't follow their rules is doing shady things behind the scenes.

At the very least, you have the option of going P2P or using a DEX. I doubt you'll be put on a list just because you refuse to use a registered business to liquidate your coins. If that does happen though, I guess we need to improvise with better privacy measures.

[stompix]

And for almost a year all I could hear on this forum was

- he is never going to be found guilty
- he will never be arrested
- he will never be sentenced to anything
- in the US nobody with money goes to jail
- he will spend all his life in luxury without a worry

Not to mention the real tinfoil things like he bribed the democrats, he bought the republican, he's the SEC pet, he is protected by the reptilians, by the Rothschilds, by the 13 inbred families of the Illuminati!

I wonder what the next move of the nay-sayers will be because god forbid we would have an instance where the system works.

At the very least, you have the option of going P2P or using a DEX. I doubt you'll be put on a list just because you refuse to use a registered business to liquidate your coins. If that does happen though, I guess we need to improvise with better privacy measures.

If the government would want to enforce this completely p2p would hardly be a solution.
You need a bank transfer to pay that guy or any other centralized solution, now just think, how many normal users send bank transfers to complete strangers around the country by the dozen each day? You just have to target those, then you find the trader get all the transfers he made, and knock at the other guy's door!
P2P when doing the payment over a 3rd party is just an illusion of privacy, you either meet with the guy face-to-face and deal in cash or you simply acknowledge you can't do it completely and by the book.

[Ale88]

Do you think that after the collapse of FTX, governments will increase regulation for exchanges? If that happens, fraudulent exchanges will no longer exist, but it will also mean that we will once again be controlled by the government. That's the scenario I'm thinking of.
The collapse of FTX and the imprisonment of SBF, is not a warning to the remaining CEXs, it is a good reason for the government to have the right to intervene in the market and regulate things.

Ehm, technically FTX got every kind of permit, license, approval, whatever you want to call them, and the US were kind of pushing it to become the biggest exchange in the world since of course they don't like Binance. If we look just at that side (without of course considering that SBF ruined the life of thousands of people) is kind of funny how the US got tricked by its own people, they were so focused on accusing Binance, Bitfinex, Tether, etc etc, at the end they were the problem.

[Kryptowerk]

Okay, so he was found guilty. Nice, actually slightly suprised. But let's see how the sentencing will really end.
In the article it says "up to 110 years". Why do they need another 4 months to decide on the actualy time of his sentence?

I'll be suprised if he will stay in jail for more than 5 years, if even. But let's see.
Now, I still want my 2-seasons netflix series about this crypto-soap-opera.

[Blitzboy]

Some people in the business world, especially in new areas like cryptocurrency, never cease to amaze me with their arrogance. Bankman-Fried's complete lack of concern for the safety and trust of his platform's users was not only unethical, but also a sign of how cocky he was. He really thought that his deal was unbreakable and that it couldnt fall apart. That being said, pride comes before a fall. Now he has to deal with the very real results of what he did.

The court of public opinion often gives the harshest punishments, even if the law has already made its decision. Fraudulent actions like these have effects that go beyond just losing money. They make investors and users afraid of the system and make people less likely to trust it. Other markets and financial institutions should learn from this: if you do something wrong, it will always have consequences, no matter how big or unbeatable you think you are.

[nutildah]

The funny thing is FTX ditched me for being too... non-compliant. Basically I was living outside of my country and attempting to log in using a VPN, and they didn't like that, told me to withdraw my funds and scram. This was a good six months or so before the shit really hit the fan 

So I dodged a bullet on this one.

As for Sam, yeah an absolute shit person & he deserves every hour he spends in prison.

They really need to look into this courtroom sketch artist as well, what a joke:

[SamReomo]

Finally the justice has done their role and now that Sam Bankman Fried will see that doing wrong with others won't be forgiven and your bad acts will one day take you to a place that you weren't expected. That guy played with the funds of so many people and who knows how many people and their families were totally ruined because of him.

It's not just a lesson for other CEX owners but also a lesson for everyone who does wrong deeds. Your wrong deeds will always result into something that you didn't expected. The justice system isn't dead and anyone who thinks that he/she can dodge the justice system is either a naive or is someone who hasn't tasted the punishment as a result of a wrong deed. I hope that everyone will learn from SBF's wrong motives and they won't play with others like he did.

[MusaMohamed]

yesterday the jury decided. guilty on all 7 charges. with sentencing to be decided next march(28th) 2024

also the feds have another 5 or so other charges it didnt push this year, but may press charges against him before or after next march, to add extra possible time to his sentencing

I thought he will not be able to get out of all 7 guilty charges but still surprised that he got all of those guilty charges. I knew he is not innocent and even with like 115 years in jail, it won't help many people to get money back.

I don't know how many people, families were destroyed by his scam from money stuck, lost on FTX exchange or from the crash of $FTT token. Lot of bloody painful losses from many people because of FTX fiaso by SBF scam efforts. Many of those people even did not have a few months to enjoy their life with lucrative things like SBF.

hope this teaches other dodgy CEX's a large lesson

Some will learn from it but some will not.

Centralized exchanges are very scam and scammers never change.
Exchange graveyard.

[ImThour]

That's a great news and it surely helps to build trust in Crypto once again for those who got scammed by this guy as it provides them justice however, I am sure he and his lawyers will do something to get him out in the coming years. He can't be in jail for his whole life, that's for sure as he belongs to an influential family with so many links around the world. If that's not the case, it will surely be a huge victory for Law in this planet.

[Publictalk792]

Exactly! If you still believe in centralised exchanges. And storing your holdings in the CEX so this will be a high risk for you. If FTX can go so Bitget ByBit HTX Binance and any CEX can collapse anytime.
If they sentences 110 years prison life so I think this is good decision not even 110 he should be punished 500 years. By the way 110 years also enough for him. Because now the Everage living life is almost 40 to 50 years.

[adaseb]

Yeah i remember that article that came out last year. We read it and dismissed it but for assurance we wanted SBF to tweet it’s nonsense. And all of a sudden his tweets stopped. Usually he tweeted like crazy but after that article he went silent for a day or two.

Then he tweeted it was nonsense and it started to deteriorate a few days later. Took less than a week if I recall for the exchange to collapse. Good that he was found guilty.

[bbc.reporter]

And for almost a year all I could hear on this forum was

- he is never going to be found guilty
- he will never be arrested
- he will never be sentenced to anything
- in the US nobody with money goes to jail
- he will spend all his life in luxury without a worry

Not to mention the real tinfoil things like he bribed the democrats, he bought the republican, he's the SEC pet, he is protected by the reptilians, by the Rothschilds, by the 13 inbred families of the Illuminati!

I wonder what the next move of the nay-sayers will be because god forbid we would have an instance where the system works.

Is that true? I have never read anything that says what you have said. No one was talking about the case except a few people. Also, I reckon none of the people in the forum has really followed the case very closely as @Rikafip, @JuanJayGee and the other people in [Updated] FTX thread.

https://bitcointalk.org/index.php?topic=5419710.0

[Aanuoluwatofunmi]

Exactly! If you still believe in centralised exchanges. And storing your holdings in the CEX so this will be a high risk for you. If FTX can go so Bitget ByBit HTX Binance and any CEX can collapse anytime.
If they sentences 110 years prison life so I think this is good decision not even 110 he should be punished 500 years. By the way 110 years also enough for him. Because now the Everage living life is almost 40 to 50 years.

So who will continue the rest of the jail terms when he was unable to finished it, considering his present age and the number of years left for him as additional years to live on earth, the truth is that we should not just allow these people set our mind on fire with the use of their exchages, we should take other's people experience and learn from them, no matter how depth is the punishment on him, all lost assets cannot be recovered completely and back to the owners, not your keys, not your coins.