FTX CEO Sam Bankman Fried found guilty

[famososMuertos]

It is a bitter victory, because in reality the damage was enormous, the cryptographic niche suffered a severe blow with this case. I don't think this is an end to this type of scams and/or crooks, but at least it is setting a good precedent, guilty.

[Stalker22]

It is a bitter victory, because in reality the damage was enormous, the cryptographic niche suffered a severe blow with this case. I don't think this is an end to this type of scams and/or crooks, but at least it is setting a good precedent, guilty.

This is certainly a high-profile case, mainly because of the large number of affected customers and the substantial amount of embezzled money. However, it is not exactly unique, and it can hardly be called a precedent. Stuff like this has happened before and will probably happen again.  It is not that new or unique really.

[Z-tight]

It is a bitter victory, because in reality the damage was enormous, the cryptographic niche suffered a severe blow with this case. I don't think this is an end to this type of scams and/or crooks, but at least it is setting a good precedent, guilty.

The damage affected the customers' who lost their funds after the exchange collapsed, the cryptocurrency market felt the effect for a very short time and it all went back to normal again, so it is a lesson to people who store their funds in centralized exchanges, you would lose your money and the market would only take a hit temporarily.

Sbf stood little to no chance of not going to jail, so i am not surprised, and this is not going to stop other shady centralized exchanges from operating in the way they do, they would surely learn something from sbf's failure, but they would not stop doing shady stuffs to make more money as they have been doing.

[LogitechMouse]

Well, it seems like his funding towards the politicians, and all of the things that he'd done in the past isn't enough to help him with this case.
Anyway just by looking at how many years he will be in jail, I just wish him good luck in his whole life in general.

I guess justice has been served for those who lost lots of money in FTX... or not because their money didn't get refunded. Now other exchanges who are doing fraudulent things will have to think twice now if they will continue what they are doing now because they've already done it with SBF, and they will do it to them as well if caught.

This might be my darkest prediction this year, but I will not be surprised if SBF will take his own life just because of how many years he will be in prison.

[wallet4bitcoin]

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

The 7 count charges are just the first set, I believe the Feds will still press more charges. In the history of the blockchain technology, SBF has struck folks who trusted in his FTX space more than any other has struck them, it will not be ideal for him to walk away and I also believe loads of suits will be awaiting him after this judgement is passed.

[bbc.reporter]

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

Well, some of us were trying to be reasonable amidst all those conspiracy theorists. The moment his ex -gf got a deal and ratted him out, it was pretty obvious how this will end up.

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

As you can see, now they move goalpost to SBF getting only few years in prison.

Agreed. We can only react after new information is given and reported to the community very much similar to when a speculation that FTX was going to bite the dust. In the beginning, only very few expected that it would really bite the dust. However, after new information came out, it became clearer. It is very much a similar reaction in this thread.

https://bitcointalk.org/index.php?topic=5419386.0

Also, I am one of those who speculate that Sam might get only a few years in prison or end in suicide like Jeffery Epstein. However, is this moving the goal post? No, it is only a speculation that Sam might have too much information on the Democrats' moneylaundering apparatus. The Democrats might have to help him or kill him.

[KiaKia]

I honestly don't believe that such day will come where Sam will really get to face this punishment that he deserved, those who are trying to safe him from this hellish fate have all failed him and I think this judgment fits in what he has done to other people, this brings hope back in me, that justice is still alive.

This will serve as a warning to other upcoming centralized exchanges and projects, this is why a part of me wants SEC to be here forever, but not with Gensler as the chairman, they need to replace him with someone who knows the Blockchain and also understand the crypto projects they plan to protect very well, the issue I have with Gensler is his blindness about what and which project is true security and which isn't, this man has no clue.

But one thing stills worry me about Sam's case, it is proven that political parties are involved too, they benefit from the FTX funds so why aren't those facing the law too? If they aren't they it's probably because of the mess this will create, some secrets will no longer be a secret to the world, so I believe Sam might not be entirely screwed as we all think.

[thecodebear]

That's great. Dude is probably gonna spend the rest of his life in jail. He purposefully did real shady and criminal and risky stuff with millions of people's money and knew exactly what he was doing and just thought he could handle the risk and get away with it. There was no reason whatsoever for him to take those risks other than pure greed. Treated other people's money like it was his own to risk. I'm surprised by how many years he could potentially get, I thought he might get like 20 years, but given the 115 year possible sentence it sounds like he'll at earliest get out when he is an old man.

[thecodebear]

I honestly don't believe that such day will come where Sam will really get to face this punishment that he deserved, those who are trying to safe him from this hellish fate have all failed him and I think this judgment fits in what he has done to other people, this brings hope back in me, that justice is still alive.

This will serve as a warning to other upcoming centralized exchanges and projects, this is why a part of me wants SEC to be here forever, but not with Gensler as the chairman, they need to replace him with someone who knows the Blockchain and also understand the crypto projects they plan to protect very well, the issue I have with Gensler is his blindness about what and which project is true security and which isn't, this man has no clue.

But one thing stills worry me about Sam's case, it is proven that political parties are involved too, they benefit from the FTX funds so why aren't those facing the law too? If they aren't they it's probably because of the mess this will create, some secrets will no longer be a secret to the world, so I believe Sam might not be entirely screwed as we all think.

Yeah true Gensler needs to go. Dude is an enemy to Bitcoin and the whole industry. He seems to have some personal vendetta against it. Luckily Congress and the courts are both starting to get fed up with Gensler's attacks on the industry, which is the only reason we miiiiight get an ETF during the next 3 years before he is out of his job. Courts just need to keep knocking down his attacks on the industry, and hopefully over the next couple years Congress will get their act together and actually make some sort of common sense and consistent legislation for the industry so that Gensler doesn't just have free reign to attack the industry how he sees fit.

You're asking why politicians aren't facing the law too for accepting political donations? Because its not against the law to accept political donations. Those donations were made a while back obviously, so I'm pretty sure that money has been spent. Politicians didn't do anything illegal by accepting donations. I know some politicians already sent back the money they received from FTX. I doubt there is a law that says politicians have to give money back if it comes from a company that went bankrupt / did illegal stuff. Anyway SBF is broke and going to jail so he doesn't have any sway over politicians.

[kingvirtus09]

That's pretty good news. I just hope he gets sentenced to life in prison. And hopefully, this will also be a warning to people like him who have the ability to do what SBF did. But I hope that no one will fall victim to the many investors.

The only thing we don't know is if the money that he took from the people who trusted him to put money into FTX will be returned, but it seems unclear that it will be returned. This is the justice that they took back from SBF, as far as I can see.

[fuguebtc]

That's pretty good news. I just hope he gets sentenced to life in prison. And hopefully, this will also be a warning to people like him who have the ability to do what SBF did. But I hope that no one will fall victim to the many investors.

The only thing we don't know is if the money that he took from the people who trusted him to put money into FTX will be returned, but it seems unclear that it will be returned. This is the justice that they took back from SBF, as far as I can see.

SBF's sentencing is a warning to those with fraudulent intentions like him, but also a warning bell to us that the market is full of scammers and should never be trusted by anyone in this market. The marketplace is a battlefield, there is no one good and trustworthy enough for us to entrust our assets to, including famous people and reputable companies.

Regarding compensation to investors, I think it will take a lot of time for the victims to receive it back. What I'm thinking about is Mt.gox, I'm not optimistic about Mt.gox and I also don't expect FTX to be like Mt.gox.

[khiholangkang]

That's pretty good news. I just hope he gets sentenced to life in prison. And hopefully, this will also be a warning to people like him who have the ability to do what SBF did. But I hope that no one will fall victim to the many investors.

The only thing we don't know is if the money that he took from the people who trusted him to put money into FTX will be returned, but it seems unclear that it will be returned. This is the justice that they took back from SBF, as far as I can see.

SBF's sentencing is a warning to those with fraudulent intentions like him, but also a warning bell to us that the market is full of scammers and should never be trusted by anyone in this market. The marketplace is a battlefield, there is no one good and trustworthy enough for us to entrust our assets to, including famous people and reputable companies.

Regarding compensation to investors, I think it will take a lot of time for the victims to receive it back. What I'm thinking about is Mt.gox, I'm not optimistic about Mt.gox and I also don't expect FTX to be like Mt.gox.

I agree with you that there is nothing that can be trusted in the market, because it is a battlefield for everyone, this must be a concern and warning both for developers, investors, and users.
As far as I know the punishment handed down to SBF is around 100 know more, which can be said to be punished to death, if calculated from the average age of humans today.

This will not be possible to do, the question from where FTX can raise funds when no one trusts them again?, Just like MT.gox, who still collects funds to pay compensation to their customers, and as we know that They always ask for additional time, the latest news they just ask for additional time until October 2024. Things that will be difficult to pursue if investors, creditors or customers are asking for compensation with Bitcoin, while bitcoin is getting more and more expensive, it will definitely be very It's hard for them to pay.

[arwin100]

That's pretty good news. I just hope he gets sentenced to life in prison. And hopefully, this will also be a warning to people like him who have the ability to do what SBF did. But I hope that no one will fall victim to the many investors.

The only thing we don't know is if the money that he took from the people who trusted him to put money into FTX will be returned, but it seems unclear that it will be returned. This is the justice that they took back from SBF, as far as I can see.

SBF's sentencing is a warning to those with fraudulent intentions like him, but also a warning bell to us that the market is full of scammers and should never be trusted by anyone in this market. The marketplace is a battlefield, there is no one good and trustworthy enough for us to entrust our assets to, including famous people and reputable companies.

Regarding compensation to investors, I think it will take a lot of time for the victims to receive it back. What I'm thinking about is Mt.gox, I'm not optimistic about Mt.gox and I also don't expect FTX to be like Mt.gox.

Sentencing SBF for the crime he do might be a warning to any CEO who plans to do scam to the people used their platforms. But do we really think that it can stop them to do the same action? I think not maybe those scammers will find another safe route after their scams happen and they could really do that especially if they accumulate a huge amount of money came from the people. We should never trust anyone in this space even if they are famous or what we called successful man running their businesses its because the same like happenings of FTX could still happen since there's huge market on crypto so provably these criminals will get attracted to get the money of people especially when they see it reach at multimillion level of fundings they have on their platform.

[Rikafip]

As for SBF case, it's the same as Madoff, everyone was saying nothing was going to happen, they would not arrest him, that they would not convict him, then they would not send him to jail, then he would get out in a few months, and then he died in prison! This goalpost moving is nauseating!

I think that is mostly due ignorance. People have no idea how things work and are not really interested in the case so its easiest to just be pessimistic.

Also, I am one of those who speculate that Sam might get only a few years in prison or end in suicide like Jeffery Epstein.

First of all, its simply impossible for him to get only few years in prison due amount of money he stole. Check my previous post in this topic to see how things fucntion over there. 2nd, if "they" wanted him dead, he would already kill him and not wait as he is in detention for some time already.

The Democrats might have to help him or kill him.

So far they haven't done either and there's no indication that will happen.

[blckhawk]

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.

There's still the possibility of appealing the case so there's a possibility that the Sam Bankman Fried would still be able to lower the sentence and I don't believe that this man is ever to face a really long jail time, it's a financial crime and I haven't seen a lot of people that has committed such act get a crazy amount of sentence. To be honest, I would rather have this man try his best and get all the money that he can get to pay back the people that he defrauded with his FTX. What's the significance of the verdict of this case to the development and growth of bitcoin anyway? I feel like this topic should be in the Legal board.

[Ultegra134]

It is a bitter victory, because in reality the damage was enormous, the cryptographic niche suffered a severe blow with this case. I don't think this is an end to this type of scams and/or crooks, but at least it is setting a good precedent, guilty.

Bitter victory or not, this doesn't return the money to their victims. I wasn't expecting something different; it would be an enormous scandal if he wasn't found guilty. I don't believe he had any valid reasons to alleviate his punishment. At least he's going to prison for the rest of his life. I'm hoping that one day the exchange's victims are compensated, at least with some of the lost money, but I'm doubting that this day is going to come any time soon.

[Davidvictorson]

Everytime I read about SBF I feel a sense of relief and vindication because of what transpired between me and a friend many years ago when we talked about him. He was celebrated by all and soundry and drew attention as the crypto billionaire whose aim was to get rich so as to give it all away. I remember telling this friend that this isn't going to happen. I could smell SBF bullshit already.


That friend tried to convince me with his points here and there that Sam is a very reputable crypto person. I didn't even bulge. And when the news of his company going bankrupt broke out, I knew his bubble was about to burst. And now, I couldn't be happier. My friends hides his head in shame for his stance on SBF.

Anyways his parents and executives should also get jail time too.

[stompix]

Also, I am one of those who speculate that Sam might get only a few years in prison or end in suicide like Jeffery Epstein. However, is this moving the goal post?

From spending only 6 months in home arrest and then enjoying all his life billions as you were saying  to him getting whacked in a prison cell, and all this being the same, that's pretty much moving the goalposts.
Why can't you simply accept that not everything needs to be some goddamn conspiracy?

It is what it is and things like this have happened for centuries, there were scammers who were even granted royal decrees and orders, and things like this will keep happening without any reptilian masterminds behind them, it's just because there are some con artists that are pretty good at what they are doing.

No, it is only a speculation that Sam might have too much information on the Democrats' moneylaundering apparatus. The Democrats might have to help him or kill him.

Yeah yeah! The same thing over and over, the ones dealing with billions, controlling the world, controlling the banks, the global economy, are so stupid to use the stupidest guy running a Ponzi scheme exchange to launder their money in with it! All those guys in such high places doing billions in money laundering were not able to tell something was wrong and they left some guy doing drugs with 20 hommies running their business?

Seriously, how high do you have to be to believe this crap even for a second?

[panganib999]

Finally, due time for his comeuppance. It's been 2 years since he's found liable of all these crimes and it took 2 years for the justice system to finally realize that he's at fault despite the damning evidences, kind of makes me sad about how things are going for the regular people who get indicted too, especially the marginalized ones who almost always would get swift judgement, sometimes even harsher punishments than what you would think is intended for them.

Anywho, enough going off on a tangent. I sure hope this becomes a lesson not just for CEXs out there, but for anyone who dares to fuck with the crypto industry just cause they think they won't get caught or something.

[Bushdark]

It is a bitter victory, because in reality the damage was enormous, the cryptographic niche suffered a severe blow with this case. I don't think this is an end to this type of scams and/or crooks, but at least it is setting a good precedent, guilty.

The damage he cause was the biggest ever by a cryptocurrency exchange. He mishandled customers funds using it to buy luxury and expensive houses, cars and plane. What had had done was inappropriate and he needed to face the law no matter the excuses whether he is going to plead guilty or not. The people that are victims of bankruptcy are still facing a biggger challenge because there is no way they can get there fulll funds back. They would have to wait for when the court will decided what to do about thee case. He had pay everyone that was a victim there money back.