Sam Bankman-Fried is alleged to have lost $100M of FTXs money at online casinos. It is, however, not the first time Bankman-Fried has lost funds either. The collapse of Terra/Luna in May caused massive losses for Sams Alameda Research Fund. In hopes of winning back some of the losses, it appears that Sam hit the blackjack floor with FTX money. Unfortunately, he dug the hole deeper. According to Nansen Research, he lost $100 million in Ethereum and USDT playing at crypto casinos like Stake, Bitcasino, and others. The dots begin to join and Binances unveiling of the misappropriation of customer funds now seems to make sense.]Sam Bankman-Fried is alleged to have lost $100M of FTXs money at online casinos. It is, however, not the first time Bankman-Fried has lost funds either. The collapse of Terra/Luna in May caused massive losses for Sams Alameda Research Fund. In hopes of winning back some of the losses, it appears that Sam hit the blackjack floor with FTX money. Unfortunately, he dug the hole deeper. According to Nansen Research, he lost $100 million in Ethereum and USDT playing at crypto casinos like Stake, Bitcasino, and others. The dots begin to join and Binances unveiling of the misappropriation of customer funds now seems to make sense.
How in the world did SBF decide that gambling was the best course of action for recovering the funds? It seems to me that he has terrible friends around him. Have you ever thought of gambling as way to recover your funds and pay your debts? Does this look like a case of compulsive gambling?
Source:
https://www.pokcas.com/sam-bankman-fried-and-ftx-bankruptcy/If this news is true, then I am afraid SBF needs to be admitted in a mental hospital if he thinks that gambling can recover his funds. I mean how on the earth is this possible?
No one is ever able to pay their debts with gambling, as gambling is not a source of income, it is just a time passing activity where earning money is just a bonus. Believe me, he will lose whatever is left with him if he decided to gamble the remaining funds.