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?
You blame this on "terrible friends around him" yet seem to discount the possibility that this was all his idea and he willfully committed to it? If you're friends with a billionaire and you say "don't do that" then he will probably drop you in order to find another person that does not oppose him, he had all the power in that sort of friendship dynamic. All of the things we're seeing now show that he was a bit naive but is also quite devious in certain aspects. Instead of being happy with a steady income and owning an exchange, he wanted to accrue way more money by engaging in extra trading activity with customer funds, which is what led to his ultimate downfall - he was gambling in many different ways.