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He already lost his whole net worth overnight ($16B) and will live in hiding with serious death threats for the rest of his life. This is no ordinary CEO switch
by Kiro 4y ago
He already lost his whole net worth overnight ($16B) and will live in hiding with serious death threats for the rest of his life. This is no ordinary CEO switcheroo where the he walks away with a slap on the wrist and a golden handshake.
- digerata 4y agoHe was running a Ponzi scheme. Don't feel sorry for him.
- Kiro 4y agoI'm not. Just saying that he won't get away with it like other CEOs have done in the past while "taking responsibility". His punishment has already begun.
- stingraycharles 4y agoWhich is what, exactly? Living in hiding?
- Kiro 4y agoYes, losing his money, reputation and freedom (whether that's in hiding or in jail). He's obviously royally screwed, regardless if he goes to jail or not, and yet people are saying he walks away from this unscathed.
- stingraycharles 4y agoTo be fair to the guy, he wasn’t afraid to admit it in some very public interviews. But yeah, don’t feel sorry.
- skeeter2020 4y ago> To be fair to the guy, he wasn’t afraid to admit it in some very public interviews. I don't think brazen criminals should get a different perspective than sneaky ones; perhaps a worse characterization because they either don't recognize what they're doing is wrong, or they simply hold society in contempt.
- jnwatson 4y agoIt wasn’t a Ponzi scheme, at least based on what’s publicly known. This is just investing with client funds, which the US learned the hard way must be carefully restricted. The US has the Glass-Steagall Act, and deposit insurance to try to prevent bank runs like this.
- jjulius 4y ago>It wasn’t a Ponzi scheme, at least based on what’s publicly known. >This is just investing with client funds... This is just plain not true.
- acdha 4y agoThe investing with client funds part is probably the easiest charge but his self-description sounds Ponzi-like: https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...
- tartoran 4y agoThis sounds like Napoleon Dynamite type of reasoning
- acdha 4y agoMe, as a kid: “the emperor’s new clothes is nonsense, nobody would go along with something that obviously wrong” Me, after watching people sell no-hope dotcoms, dubious real estate, and cryptocurrency: “… unless they thought they could cash out before the other fools wised up”
- roywiggins 4y agoThey were talking about stuff like Celsius. I don't think FTX was itself offering yield-farming products, just letting people trade those tokens. "Yeah, the stuff people trade on my platform are probably Ponzis" is definitely not great publicity, but it's not obviously admitting to your own crimes.
- hristov 4y agoI am still not convinced that he did not steal the missing FTX client funds. So at this point it is not clear to me how much he lost or gained from this. I do hope the DOJ conduct a full investigation and trace where all the money went.
- benmmurphy 4y agoI assume all those political donations bought something :)
- mywittyname 4y agoLet's hope some congresspeople were stupid enough to put their money into FTX.
- Freebytes 4y agoIf so, then he will be facing jail time. If not, then he is fine.
- deleted 4y ago[deleted]
- wombat-man 4y agowell, they're not giving the donations back, and it doesn't look like he'll have much to give in the future. Where's their motivation?
- snapcaster 4y agoWhere there is fraud there is embezzlement
- ww520 4y agoDoes he still hold on to the billion dollar worth Robinhood shares?
- rinze 4y agoHe had $16b in Magic Dollars(TM) and he can have the same amount in the same token tomorrow if he wants, though.
- mayankkaizen 4y agoI am 100% sure he must have siphoned off some sizable part of his net worth in cash or other non-crypto assets.
- onlyrealcuzzo 4y agoSeveral million dollars is a lot of money - but not sizable compared to $16B. If he siphoned off even 1% ($160M+)- you can bet he's going to lose it in bankruptcy proceedings.
- systemicdanna 4y ago10-20% is not $160M+, it's $1.6B+.
- meetingthrower 4y ago10% is $1.6B. Only needs 1% for $160M. .1% for $16M. Which is still generationally rich. Yeah, I think he would have taken that out right?
- sgt101 4y agoHe will have worked with some accountants and lawyers to move money into untouchable places. There will be someone employed to hold it for him, and dole it out in the future. Sure he will have to keep a low profile, but there will be resources. He will probably have dispersed quite some sums to friends and family, some of that will come back to him in one way or another. Finally, he will be able to go on the celebrity speaking circuit for quite a while...
- yawnr 4y agoLol give me a break. He will be fine and rich forever, just maybe not a billionaire. There are no real consequences when you are that wealthy.
- tasuki 4y agoNo death threats because he had money? Have you perhaps seen the extensive list of Russian billionaires who "committed suicide" during like the past five years?
- yawnr 4y agoRussia is a terrorist state oligarchy with a murderous dictator. No one is actually going to kill this guy in the US. He will obviously get threats, and then reboot with a new $500mm seed round for some new scam from Marc Andreessen in a few years. Nevermind that's Adam Neumann.
- adam_arthur 4y agoPretty likely that he has money on the side or some sort of assets that are worth a fair amount. Likely not Billions, but certainly in the Millions. Hopefully the US Gov goes after him and forces him to pay it back to creditors/customers, similar to Trevor Milton/Nikola
- skeeter2020 4y agoWhen you have a net worth of 16B it's probably pretty easy to make 10's or 100's of millions disappear.