The worst bank manager in history has been arrested and is now facing up to 150 years in jail. 

I think they are going to throw the book at him to set an example for the rest of the Crypto industry.
The financial sector needs to deter other Crypto companies from ignoring basic financial principles. (e.g. supply/Demand and collateral). 

This guy is still a kid. He was hailed as a genius, but according to the new caretaker CEO - Fried had no business skills.
He was just running a pyramid chain. There was no due diligence at all, it was just riding on the wave of Crypto. 
You can't just print money, otherwise, it will just become worthless and create the worst inflation ever. 
The speed at which the chip spins is irrelevant... It is not a magic currency that ignores hundreds of years of established financial practices.  

The whole industry is probably going to be hit with excessive compliance legislation to ensure that it does not collapse, and push the economy into further recession. 

Money launderer for the Dems...follow the money....some other fools will go down with him too...the stuff Ou Maaik is raving about, right there in the open!

The same Dems who arrested him? (E.g. the DOJ who hauled in his ass is from a holiday in Bermuda). 

This is a screwup no doubt, but it does not look like the Democrats are trying to keep him out of jail. 

Blame it on the Bosanova......ooops Blame it on the Dems......oh what the hell might as well add the Liberals

oh I forget......chuck in ole Joe as well.

Fixed!

Yes, the Poor White victim is becoming a bit tiresome from the far right. 

If someone from the left is caught committing fraud -  the left and centre want them to go to jail.

If someone from the right is caught committing fraud - the far right says it is a political witch hunt. Somehow they should not be convicted of crimes because of their ideology, or the possibility that somehow it is not fair. 

Tucker Carlson epitomizes the poor white victim. It is mostly the alt-right, that sees their numbers declining and becoming a marginalised minority. 

He wasn’t laundering money for the Dems. He was paying them off because he’s been doing illegal shit since before FTX took off.

And he was probably naive enough to accept assurances that weren’t ever going to be forthcoming.

The question is whether the people he gave money to can claim plausible deniability because everything happened on chain so receipts are a given.

He’s 100% likely to sing like a bird and the rep majority house are going to make the best of it.

Let him go to jail. If it transpires that any government officials were on the payroll, they can join him in the same cell.

The best way forward is to cap political donations.
If no one can make a donation of more than $1000, it will make donations more Democratic. 
Currently, if a politician does not do a lobbyist/corporate's bidding, they will fund a politician who will. 

Otherwise, the richest people can just buy politicians. It is a backdoor to the Democratic system and undermines having a Democracy. 

Read up about the timing of his arrest.

…just prior to him testifying.

Somebody gonna get Epsteined.

The Democrats do not like some of their own getting caught out being ultra-corrupt and they use the FBI and Justice Department to prevent investigation of corrupt activity.   The one thing is sure - once he failed to pay them mafia -style protection money the Democrat Party stopped their protection racket and the FBi is freed to start investigating him and Justice Department to charge him. 

Take for instance the internet platforms - they are total servants and pay them massive amounts to fund elections and during weekly meetings between the management of the platforms, the  FBI and DNC  they get instruction what news be allowed and what should be censored because it may be detrimental to the Democrats.   The platforms have been threatened by the Democrats in the past that unless they comply they would introduce legislation that would have a detrimental effect n their activities.   

I see Senator Rubio introduced legislation to ban functioning of Tik Tok in the USA  - with some support from Democrats in the Senate and House.   Even if the legislation is passed by Congress it would never be signed by Biden afraid of exposure of his involvement in corruption in China and on instruction of President Xi with the full support of the Ultra-rich controlling the Democrats,   

The Mafia used to call their gang leaders Godfathers - the new similar name for gangster activities by the Democrats leadership is "The Big Man".   

In the USA By the way - S B - the Democrats will never allow for their campaign contributions to be limited.   In 2020 Twitter contributed $1,5 billion to the Democrats and Facebook $500 million as well - it is not known what Gates, Wall Mart and Soros contributions were.   What is known is that Soros contributed $60 million to  election campaigns of Democratic Party candidates for  DA's to ensure sabotage of law and order in USA courts.    The protection racket is extended to protect leadership of trade unions and the contribution by the Teacher Union  to the amount of   $12 million in 2020  is a typical example.   Contributions from China to the Democratic Party Election War-Chest has been often mentioned - but figures are not clear at present.   The registration of subsidiary companies in the USA by Chinese companies is the channel through which contributions from China flow.   Since some Republicans are also in need of protection they sabotage the Party and collaborate with the Democrats.    

There is zero chance of the required to limit contribution would ever see the light of day and if such legislation is passed by Congress and signed into law - there will be gaps so wide that an ox-drawn wagon would be able to turn in it.    

There's a reson Elon Musk flipped and threw the Dems under the bus...he knows what's coming...and yes, there's corrupt elements in the Republican Party too...and not all the Dems are corrupt either, but American politics is truely a cesspool...not the epitome of the free world like they claim to be...great country, but they've got some work to do.

Bankman-Fried...should be Bagman-Fried.

Draad

Musk probably saw it as a way to get the Republicans into their side to take over the roles thus far played by Zuckerman, Gates and Soros.   

Yes - I agree that there are corrupt elements in the Republicans as well.    Those include the Cheyne's and Senator Mc Connell.    They are amongst the "useful" idiots the Democrats love to have around,         

Mike, this thread is about SBF

Agree - but will he live long enough to see the inside of a jail -or will he be a Clinton suicide case?       

Chances are that the information he is set to reveal, particularly if offered a deal, would put a huge dent in the Dem’s presidential campaign.

And there is enough time between now and then to suck a ton of juice out of this story.

So, it would not surprise me if he shoots himself in the head 3 times, from behind.

This in the Financial Times.

For interest sake, pretend this was a standard hedge fund operating with fiat and using legacy banking, offshore accounts, etc, and how long it would take to prosecute a case like that?

Now consider that all of it was done on the blockchain and that receipts for every last penny are easily accessible. Blockchain lends itself to hype-expediency and though this is a crypto scandal, the case should highlight yet more of the benefits of blockchain.

Nerds will be Nerds...

BTW ButtPlug, SBF said that he also donated to Republicans through less transparent channels. Also known as dark money channels to hide the identify of the donor - probably using blockchain...

Lol “dark money”

Why do i know that when i google that phrase, i’m gonna find it in the headlines of lefty articles and aimed at smearing Republicans.

Haha i just googled it. Try it yourself…search “SBF Dark money” and look at the results.

Viskop, you need to stop falling for every lefty talking point thrown your way.

The guy’s parents are both hardcore Liberal professors at Stanford and both were balls deep in FTX…with his dad even being on the books for a year. Their respective fields of expertise making the situation obviously far more nefarious. IE they knew what they were doing despite SBF claiming that he just lost control of the ship.

A little libtard, with libtard parents, embezzled funds, funnelling it predominantly to other libtards…but somehow the Republicans are the bad guys.

You can’t make this stupid shyte up.

I don't think SF will make it to trial.

Surely he is going to be "Epsteined" as Plum suggested.

All corrupt political hands on deck for this show.

The corrupt politicians and others cannot allow him to go under oath and tell the truth.

I watch Caroline Ellison on a TV interview prior to the collapse of FTX and it was obvious to me that she had no clue what the company was about, yet she was CEO of the trading arm of the company with a million dollar home in the Islands.

All I can say is that Sam was either blind or she must have had a strong suck. 

What was it again that these guys smoked??????????

ButtPlug, we can only read what we see in news articles. Who knows what is true, except you?

That is why I wrote, "He Said" .e.g. "Claims"...  I didn't say he did. 

That is the difference, I reserve judgement and question "proof". You want to bend the story to fit your narrative. 
I realise that just because a news article has stated this, does not mean it is true..

Many rich "businessmen" give donations to both sides to hedge their bets!

My bad, VisKop.

Will you still be our fund manger?

:)

Lol was watching O’Leary at the FTX hearings.

Cortez Masto “Do you agree that crypto should be isolated from banking and regulated”

O’Leary “If you ban banks from integrating crypto technology, I’ll short every bank in the US because it would make it the most uncompetitive financial system in the world. When you consider the cost reduction, efficiency, productivity, auditability…

Cortez Masto “Mr O’Leary, i don’t have much time could you answer on whether crypto should be isolated from the baking industry.”

O’Leary “That would be insanity!”

I laughed for a full minute non-stop at this answer.

The poor guy was given bail    He is now aa free for all to get rid of him/   A Clinton suicide will be inevitable and one should start preparing letters to the dearly beloved family members of the late Fried.    .

SB

I think that you should watch the following video about how the scam worked insofar as FTX were concerned:-

FTX Scam Involved Ukraine & Democrats In Money Laundering Scheme Says Internet - Bing video

How can Fried have donated $70 million to the Democrats for funding of the mid-term election.   It was easy - USAID provide the money to Ukraine - then Ukraine invests it in FTX  and FTX passed the money back to the DNC and Politicians.  Of the loot the only question is - Did the "Big Man" got his normal 10% from the scam?     

This is scary - the Democrats used Fried  to steal taxpayer money.   Another reason why Fried will die very soon by committing a Clinton Suicide.            

SB 

Why are you silent about this scam?

Remember how the House voted a $1 billion to be paid over in cash to Ukjraine and 3 days later Pelosi and Schiff went to Kiev to deal with the issue.   You can be bloody sure that they went to decide on spreading of the loot,   How much went back to the USA through Fried?  And aside from the $70 million contribution to the Democratic Party - how much else went to the individual corrupt Democrats and their Republican partners leadership and how much ended up in the Zelenskyy corrupt racketeer regime members?   

It seems it is all going tits up for Bitcoin. The companies are falling like dominoes . 
Anyone and everyone who was involved in fraud should be sent to jail.

Love it.

DCG are the parent company of Luno, which is used by lots of South Africans.

The other guys people are looking at are Greyscale and their BTC trust. Basically, you buy at a discount but it’s locked up for a period.

Currently there are massive discounts on the go…ETH for $500…which is about a 60% discount, but people aren’t buying.

I love it, i want it crash to the floor. Means i can buy more.

He has been found guilty on all counts. Upto 100 years in jail. 
He is now referred to as Sam Bankman Fraud

Will be interesting to see how long he gets.

It is about time the government stamped down on white-collar crime.

However, the biggest white-collar crime is the billionaires bribing politicians through lobbyists which is allowed to continue.

I don't know much about finance, but from the very outset, I thought Crypto was a pyramid scheme, that is not based on financial principles like collateral from the backing of a central bank.

Lol...

All that money and the bird he was paying $20 million a year to bang is a hard two. 

Talk about not knowing how to use money.

You could get at least 12 hard tens and 8 high eights on your payroll for that...

Bliksim, that chick he had looks like a wet rat.

What ii amazing is that the WEF  as an example of top class investment opportimity on  their website,    The moment the news broke of his involvement in a Ponzi scheme operation the website page dealing with the support was withdrawn from the WEF website

However, what was deal with thus far is not revealing was who benefitted from the scheme/   The Democratic Party got $110 million from Bankman Fried/ while Senatir Romney got  $250 000 to fund the election of the socalled  Independent  Senate ccandidate in the Utah senate election.   Sinve it was now regarded as a Ponzi scheme was it not a money laundering scheme as well?

The payment of election contributions are known and the recipientsw should be forced to pay it back,   Why is th e present case quiet on that issue?    The reported scheme git investment of $5 billion - so where did the rest of the money went to?   That is dangerous stuff p is BF is sent to jail he may end up talking and that would be fatal fir hun,    Biden will actually set him free if  he keep quiet  since he did not know what was really going on.    

.          .                     

Well when he gets his due punishment his problems are only going to begin.

Baba Oblimgubou and his buddies are waiting to show him and Hunter something that neither parents ever told them about.

Oooch!!!!!

Dumb Mike, your usual unbalanced take.
You are so biased against anything that is Democratic- despite that being where the brains are.

Sam Bankman Fraud was convicted under a Democratic government, and in Manhattan a Democratic place.

25 years for our crypto friend. 

There are two things that the Demcoratic Party embodied, namely =

*     They get kickbacks from counries rovides aid to,; and

 *     they are so far to the left that people cannot trust them since they make Stalin look like a conservative,   that it makes people think they make Stalin looks like a moderate DP mmebs compared to the Democrats in their dictaqtorsdhip drive.

I hate criminal public servants to steal most -they should be shot on sight.         -

The latest Wanker prescription…..shoot people who steal. Well I guess it would solve the jail overcrowding problem and the shoplifting problem. But it seems a little harsh for a peacenik. What do we do with those who sit in the stadium boxes of those whose projects they are reviewing I wonder.

Mozart

When public servants and politicians loot taxpayer money they should get the msot severe sentence imaginable.   Maybe I thought of he Chinese punishment - a shot in the back of their heads.    . However, in teh USA at resent it is a mad case where looters are rewarded and not punished.      

Perhaps you should focus your attention closer to home

It's too late for South Africa..our government is pathetic...we're learning to get by without government...we're privatizing everything...schools, security, electricity...water soon ...whatch this space...

Looks like most FTX customers will be fully reimbursed...thanks largely to their Solana holdings...and Solana climbing from its low of $8 in the bear market, all the way up to $200 presently.

A great result all around...people get their money back and the scummy little twat getting 25 years.

For me, crypto should be traded on decentralised exchanges only(you buy and the coins are transferred directly to your wallet, which you hold and have full control of).

Dunno if anybody saw Larry Fink of BlackRock talking this week. He said that the Bitcoin ETF is the fastest growing ETF in the history of ETFs. The inflow charts are insane...it's hundreds of millions daily.

The halving is in a couple of weeks and a massive supply shock is around the corner...Bitcoin on exchanges is already at an all time low. People are refusing to sell.

I'm telling you guys, do what you can to get some exposure to Bitcoin.

Things are about to go really really crazy and you will kick yourself very soon if you don't at least own some Bitcoin.