Post
Topic
Board Altcoin Discussion
Re: Sam Bankman-Fried, the "Crypto King" jailed for 25 years
by
o48o
on 30/03/2024, 12:28:42 UTC
25 years is not enough, for the victims and the prosecutors are expecting at least 50 years jail sentence, in fact at the time that he is free he is only 57 years still young to enjoy the billions of dollars he scammed from his investors, he can enjoy of the rest of his life.
Just imagine he will have to wait for 25 years and then enjoy the money for 25 years or more, it sent the wrong signal that you can scam spend a few years in jail and enjoy for the rest of your life the money you scam.
Those lost billions of dollars have been already found, and all the transactions related to this case have been under a microscope so it's a miracle if he can hide even thousands without immediately being catched when he tries to cash them out. SBF isn't in charge of FTX and don't have any say what their customers are paid back with. But most likely they are getting money that assets were worth in the time of crash, which is fraction from today's prices.

Money that people lost wasn't really "stolen" by SBF, but it was because combination of things. SFB didn't really care about the fact that their exchange token value was artificially inflated, and lots of their solvency was tied to that.

When people started to withdraw their money and sold their FTT in panic, FTX became insolvent, so they didn't have money to pay. Funny enough this could be a case with many exchanges that are running right now if they encounter bank runs, because regulatory laws about insolvency are still crappy. There are people currently setting more regulations to prevent this, but trump for example signed bank regulatory rollback that partially caused fall of SVB as well, as that was crashed because insolvency. So i am guessing if Trump gets elected, these kind of cases keep happening, because those new regulations aren't holding. Banks will grow, but there's less protection for their customers money.