Crypto Currency and FTX

[phenomlab]

https://news.sky.com/story/sam-bankman-fried-founder-of-bankrupt-crypto-firm-ftx-arrested-in-bahamas-12767138

[phenomlab]

https://news.sky.com/story/sam-bankman-fried-arrested-crypto-boss-hugs-parents-as-he-is-denied-bail-over-one-of-biggest-financial-frauds-in-us-history-12767714

Ouch - 115 year sentence a possibility for one of the biggest financial frauds in US history

[phenomlab]

https://news.sky.com/story/cryptocurrency-tycoon-sam-bankman-fried-consents-to-extradition-to-us-from-the-bahamas-12772699

[phenomlab]

https://news.sky.com/story/disgraced-crypto-king-sam-bankman-fried-released-on-250m-bail-the-largest-in-pre-trial-history-12773330

And this begs the question - who paid the USD 250m bail??

[phenomlab]

https://news.sky.com/video/does-cryptocurrency-have-a-future-12773365

[phenomlab]

Interesting update

https://www.crypto-news-flash.com/ftx-ex-ceo-sbf-not-guilty-and-us-authorities-to-probe-alameda-wallet-transfers-monster-saga-update/

[phenomlab]

Can this guy dig himself a bigger hole than he’s already in? This really does beg belief.

TIP: When in a hole, stop digging

https://news.sky.com/story/sam-bankman-fried-ftx-founder-has-bail-revoked-for-alleged-witness-tampering-12938132

[phenomlab]

Another FTX executive Ryan Salame pleads guilty

https://www.bbc.co.uk/news/business-66747694

[phenomlab]

And as if FTX wasn’t enough…

https://news.sky.com/story/binance-faces-4bn-bill-to-settle-us-criminal-case-13013106

[crazycells]

@phenomlab

Changpeng Zhao’s shock departure from Binance comes as part of a $4bn (£3.2bn) settlement that has been reached with US regulators.

so, that basically means US prosecutors had evidence for much more laundered money and they are lucky that this was an option for them they wanted to settle before going through court…

[phenomlab]

@crazycells yes. I’m guessing the regulators here are the SEC.

[phenomlab]

Now, “SBF” is beginning a lengthy prison sentence of 25 years for what prosecutors have described as “one of the biggest financial frauds in American history”.

25 years for stealing billions of dollars? Seems pretty lenient to me

https://news.sky.com/story/sam-bankman-fried-disgraced-crypto-king-jailed-for-25-years-after-stealing-billions-of-dollars-from-ftx-customers-13103158

Clearly, this early estimate was completely wrong

The 30-year-old founder of FTX is being held on criminal charges over an alleged “brazen, multi-year” mass financial fraud, and faces up to 115 years in jail if convicted.

I personally think that 115 years is more appropriate and even that will never compensate those that have lost their life savings because of this man’s greed and narcissism.

[phenomlab]

Something of an update here. Good news that some people will get their hard earned investment back, but certainly not everyone

https://www.bbc.co.uk/news/articles/c0qz3dg21vqo