28 march 2024 : final verdict for SBF. Did you lose funds ?

[Z-tight]

Have you lost funds on FTX and do you intend to recover them?

No, i never used ftx and i do not store my coins in centralized exchanges or in custodial services, i am always in control of my funds stored in my self custodial wallet.

His lawyers are asking for a lighter sentence, arguing that SBF won't survive in prison, he'd be more or less autistic and unable to defend himself.

They are paid to defend him and get him the best possible sentencing, so i can understand what they are doing, but i don't think the court is going to consider this too much. Sbf was found guilty of fraud and misappropriation of customers' funds, and the creditors will be following this case closely, they would go mad if sbf gets a lighter sentencing on this grounds, which i don't think he will.

[thecodebear]

Hello,


As you may know, March 24 is the final verdict for SBF. He faces 115 years in prison, and the evidence against him is overwhelming. He has pleaded not guilty.
His lawyers are asking for a lighter sentence, arguing that SBF won't survive in prison, he'd be more or less autistic and unable to defend himself.
In his book 'Going Infinite: The Rise and Fall of a New Tycoon, published in October 2023 in the USA to coincide with the start of the trial), Michael Lewis claims that the funds did not really disappear and SBF is innocent.

Have you lost funds on FTX and do you intend to recover them?

They are arguing he can't go to prison because he's autistic?? Pretty sure if someone is able create and run a company worth billions of dollars your autism is not so great that you can use the disabled excuse to get out of prison lol


I was always confused by who was actually using FTX. By the time I had even heard of it, it was already supposedly like the second biggest exchange in the world. And while it was operating I never once saw anyone online say they use it. As an American, I always hear about people using Coinbase, some using Kraken and Gemini, and Binance obviously the most used internationally, but I never once saw someone say they use FTX. Just seemed weird to me how it came out of nowhere and supposedly blew away all other exchanges except Binance by the time I'd even heard of it and didn't seem to actually have a big footprint in the community, at least as far as I could tell online, like since it was supposedly so much bigger than Coinbase after like only a year or two of operation you'd think Americans in the crypto community would be talking about it all the time, but the only time I saw people talking about FTX is when they were talking about SBF himself or just like how valuable FTX had become, nobody actually saying they used it. And then suddenly it was imploding due to fraud and misuse of funds. Just a really bizarre situation from start to finish.

What I find amazing is now well over a year after FTX's collapse, Congress hasn't bothered making any regulations for exchanges. People always talk about crypto regulations are coming, well regulations for exchanges to make sure they are on the up and up running their businesses and holding people's money is the obvious regulation that is needed for govt, but nothing was done after FTX lol.

[The Sceptical Chymist]

I was always confused by who was actually using FTX. By the time I had even heard of it, it was already supposedly like the second biggest exchange in the world.

You know, this is strange:  I don't watch TV and thus missed all of those advertisements for FTX, and for whatever reason I'd never even heard the name FTX until the scandal broke.  Talk about living under a rock, eh?

And after it was clear that there were a lot of people who were going to lose all of their funds they had on FTX, I wondered how many members of the forum used the exchange (which is precisely the subject of this thread, and it doesn't look like there are a lot of people who are going to cop to getting scammed).  Given the enormous user base here, it seems very probable that a large number of members did get scammed, but who knows?  I like the question being asked here, but I don't think it's reasonable to expect victims to publicly announce that they got robbed by Sam Buttknocker Fried.

Needless to say, I did not.

[SquirrelJulietGarden]

I was always confused by who was actually using FTX. By the time I had even heard of it, it was already supposedly like the second biggest exchange in the world.

You know, this is strange:  I don't watch TV and thus missed all of those advertisements for FTX, and for whatever reason I'd never even heard the name FTX until the scandal broke.  Talk about living under a rock, eh?

I did not notice that FTX ranked up to a second biggest exchange but I knew they did stupid policy on their exchange in like 2020 or 2021 when transaction fee on Ethereum blockchain was very high and even very expensive, FTX exchange did not charge their users any withdrawal fee on ETH blockchain. They waived withdrawal fee for users while no user asked their exchange to do that.

I did not know how SBF and SBF came to do that policy for many months as they actually had to pick ETH from their exchange treasury to cover transaction fee for their users.

That policy is only one of any stupid things did by SBF and FTX before their collapse.

[btc78]

It would be so depressing to be sentenced to that many years in prison not knowing if you will ever even live that long let alone confined and isolated from everyone and the entire world. I did not personally use ftx but I have heard of what the victims have gone through and the compensation they expect to receive but didn't so if the court decides on this punishment then so be it.

[Silberman]

It would be so depressing to be sentenced to that many years in prison not knowing if you will ever even live that long let alone confined and isolated from everyone and the entire world. I did not personally use ftx but I have heard of what the victims have gone through and the compensation they expect to receive but didn't so if the court decides on this punishment then so be it.

According to the news he will receive his sentence today, however there is a big difference between the sentence given and the actual time spent behind bars, so even if he was sentenced to 40 to 50 years on jail, it is probable he will only spend a decade or two at most there, which is in fact a long time, but when considering the amount of money he stole and all the people that lost their lives because they saw their dreams ruined because of him, he is the kind of person that should spend the rest of his live in jail.